|
|
|
|
|
|
|
|
|
|
Previous: ALLIANCE NORTH AMERICAN GOVERNMENT INCOME TRU INC, NSAR-B, 1996-01-29 |
Next: EMERGING MARKETS TELECOMMUNICATIONS FUND INC, NSAR-A, 1996-01-29 |
<PAGE>
Dear STI Classic Funds Shareholder:
As of November 30, 1995, STI Classic Funds assets totaled $5.9 billion, a 9.3%
increase over the $5.4 billion reported to you as of May 31, 1995.
The new class of retail shares (Flex shares) introduced in June for 15 STI
Classic bond and equity funds has added $36.9 million in new assets as of
November 30. This class of shares, which has no initial sales charge and a 2%
contingent deferred sales charge in year one only, is designed for investors
whose investment horizon is short to intermediate rather than long-term.
Effective in October 1995, the STI Classic Funds introduced its nineteenth fund,
the STI International Equity Fund. This actively managed fund seeks to provide
long-term capital appreciation by investing primarily in a diversified portfolio
of equity securities of foreign issuers.
Prospectuses for this new fund, as well as all other STI Classic Funds, are
available through your local SunTrust Bank Trust and Investment Services
representative or through the Funds' Distributor, SEI Financial Services Company
(toll free 1-800-428-6970).
Nineteen ninety five was marked by slower economic growth, low inflation, and
the emergence of increased investor confidence in longer term financial assets.
Both equity and fixed income securities' total return performance was
outstanding.
Currently, investors are extremely concerned about slowing corporate profits and
a weakening overall U.S. economy. However, the Federal Reserve has considerable
flexibility to loosen monetary conditions and lower short-term interest rates.
Given that 1996 is a presidential election year, it is also expected that more
stimulative economic policy will be forthcoming once the budget debate is
settled.
The STI Classic Funds investment advisory philosophy, which focuses on quality,
should serve shareholders well in this kind of environment.
Sincerely,
[SIGNATURE]
Anthony R. Gray
President, Chief Investment Officer
STI Capital Management, N.A.
[SIGNATURE]
Douglas S. Phillips, CFA
President, Chief Investment Officer
Trusco Capital Management, Inc.
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
VALUE INCOME STOCK FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (92.4%)
AUTOMOTIVE (2.0%)
Eaton 215,300 $ 11,734
Snap-On Tools 259,800 11,496
-----------
Total Automotive 23,230
-----------
BANKS (8.3%)
BankAmerica 190,400 12,114
Central Fidelity Banks 257,400 8,494
Compass Bancshares 260,500 8,401
First Virginia Banks 156,100 6,654
Fleet Financial Group 297,200 12,408
Great Western Financial 223,800 5,707
Jefferson Bankshares 122,800 2,886
Magna Group 279,100 6,768
NationsBank 167,000 11,920
PNC Bank 412,600 12,069
Summit Bancorporation of New Jersey 287,727 8,344
-----------
Total Banks 95,765
-----------
BUILDING & CONSTRUCTION (2.5%)
Hanson PLC ADR 1,402,800 21,393
Masco 243,700 7,189
-----------
Total Building & Construction 28,582
-----------
CHEMICALS (3.5%)
Crompton & Knowles 282,600 3,674
Ethyl 1,390,200 17,377
Lawter International 384,100 4,177
Lubrizol 140,300 4,016
Nalco Chemical 188,000 5,758
Witco 164,800 5,068
-----------
Total Chemicals 40,070
-----------
COMPUTERS & SERVICES (1.1%)
Pitney Bowes 274,800 12,297
ELECTRICAL SERVICES (3.4%)
Cinergy 582,308 17,178
General Public Utilities 367,500 11,622
Northeast Utilities 208,200 4,971
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Pacificorp 287,900 $ 5,650
-----------
Total Electrical Services 39,421
-----------
ENVIRONMENTAL SERVICES (0.5%)
Browning Ferris Industries 202,300 6,094
FOOD, BEVERAGE & TOBACCO (10.5%)
Dial 649,400 17,534
General Mills 220,900 12,177
Grand Metropolitan PLC ADR 911,400 24,721
H J Heinz 704,400 22,453
Lance 265,800 4,386
RJR Nabisco Holdings 763,620 22,240
UST 541,300 17,660
-----------
Total Food, Beverage & Tobacco 121,171
-----------
GLASS PRODUCTS (1.6%)
Corning 626,900 18,885
HOUSEHOLD PRODUCTS (1.0%)
Maytag 559,200 11,394
INSURANCE (4.9%)
Aetna Life And Casualty 165,900 12,173
Lincoln National 384,700 17,985
Marsh & McLennan Companies 299,300 25,964
-----------
Total Insurance 56,122
-----------
MACHINERY (8.7%)
Cooper Industries 496,000 18,104
Dresser Industries 784,400 18,531
General Electric 175,400 11,796
General Signal 541,600 17,467
Goulds Pumps 280,100 6,617
Tenneco 595,700 28,594
-----------
Total Machinery 101,109
-----------
MISCELLANEOUS CONSUMER SERVICES (1.0%)
H And R Block 251,700 11,201
PAPER & PAPER PRODUCTS (1.5%)
International Paper 152,800 5,826
Minnesota Mining And Manufacturing 91,400 5,987
</TABLE>
2
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
PAPER & PAPER PRODUCTS -- CONTINUED
Tambrands 120,300 $ 6,270
-----------
Total Paper & Paper Products 18,083
-----------
PETROLEUM & FUEL PRODUCTS (12.8%)
Ashland 357,400 12,464
Atlantic Richfield 208,900 22,637
El Paso Natural Gas 271,600 8,352
Occidental Petroleum 783,900 17,344
Pennzoil 290,300 11,503
Phillips Petroleum 360,800 11,997
Questar 380,700 12,325
Repsol S.A. ADR 366,500 11,591
Sonat 188,100 6,066
Texaco 158,300 11,714
USX-Marathon Group 631,600 11,606
YPF Sociedad Anonima ADR 565,200 11,021
-----------
Total Petroleum & Fuel Products 148,620
-----------
PHARMACEUTICAL SERVICES (7.2%)
American Home Products 125,900 11,488
Bristol-Myers Squibb 289,100 23,200
E.I. Dupont de Nemours 268,100 17,829
Rhone Poulenc Rorer 119,900 5,740
Warner Lambert 282,400 25,205
-----------
Total Pharmaceutical Services 83,462
-----------
PRINTING & PUBLISHING (5.4%)
Deluxe 407,800 11,265
Dun and Bradstreet 269,300 16,798
Gannett 289,200 17,642
McGraw-Hill 207,800 17,403
-----------
Total Printing & Publishing 63,108
-----------
PROFESSIONAL SERVICES (1.1%)
Ogden 591,300 12,565
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
RETAIL (4.4%)
Giant Food 228,900 $ 7,382
J.C. Penney 362,200 16,979
Melville 330,800 10,296
Sears Roebuck 420,300 16,549
-----------
Total Retail 51,206
-----------
STEEL & STEEL WORKS (1.0%)
USX-U.S. Steel Group 349,300 11,396
TECHNOLOGY (2.0%)
AMP 145,000 5,818
Xerox 129,400 17,744
-----------
Total Technology 23,562
-----------
TELECOMMUNICATION (8.0%)
Alltel 188,400 5,558
BellSouth 290,100 11,278
GTE 482,400 20,562
SBC Communications 107,000 5,778
Southern New England Telecommunication 467,300 16,940
Sprint 667,700 26,707
U S West Communications 167,000 5,219
-----------
Total Telecommunication 92,042
-----------
Total Common Stock
(Cost $964,279,277) 1,069,385
-----------
PREFERRED STOCKS (0.6%)
PRINTING & PUBLISHING (0.6%)
Time Warner Finance CV, $1.24 Convertible to
1.0000 common 194,000 6,329
Total Preferred Stocks
(Cost $6,076,356) 6,329
-----------
</TABLE>
3
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
VALUE INCOME STOCK FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (7.3%)
Salomon Brothers
5.88%, dated 11/30/95, matures 12/01/95,
repurchase price $39,423,051 (collateralized
by various FNMA obligations, total par value
$40,380,683, 2.995%-13.826%, 2/25/00-4/25/24:
FHLMC obligations total par value $13,902,50,
13.826%, 2/15/21: total market value
$41,333,774) $ 39,417 $ 39,417
Swiss Bank
5.88%, dated 11/30/95, matures 12/01/95,
repurchase price $44,658,356 (colateralized by
various FNMA obligations, total par value
$90,914,000, 6.383%-6.3940%, 5/01/28-4/01/34:
U.S. Treasury Bill, total par value $500,000,
10/17/96: total market value $45,680,724) 44,651 44,651
-----------
Total Repurchase Agreement
(Cost $84,067,550) 84,068
-----------
Total Investments (100.3%)
(Cost $1,054,423,183) 1,159,782
-----------
OTHER ASSETS AND LIABILITIES (-0.3%)
Total Other Assets and Liabilities (3,059)
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
80,318,136 outstanding shares of beneficial
interest 827,815
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
8,499,095 outstanding shares of beneficial
interest $ 89,237
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
887,935 outstanding shares of beneficial
interest 10,680
Undistributed net investment income 5,507
Undistributed net realized gain on investments 118,125
Unrealized appreciation on investments 105,359
-----------
Total Net Assets: (100.0%) $ 1,156,723
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 12.90
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 12.88
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($12.88 DIVIDED BY 96.25%) $ 13.38
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 12.85
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
ADR -- AMERICAN DEPOSITORY RECEIPT
CV -- CONVERTIBLE SECURITY
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
PLC -- PUBLIC LIMITED COMPANY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
4
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
AGGRESSIVE GROWTH FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (86.2%)
AEROSPACE & DEFENSE (1.5%)
Litton Industries* 30,300 $ 1,360
Loral 51,000 1,727
-----------
Total Aerospace & Defense 3,087
-----------
AIR TRANSPORTATION (0.4%)
Atlantic Southeast Airlines 30,000 788
AIRCRAFT (1.0%)
General Dynamics 18,700 1,115
Sundstrand 15,000 971
-----------
Total Aircraft 2,086
-----------
APPAREL (0.6%)
Cintas 10,300 474
Shaw Industries 45,400 709
-----------
Total Apparel 1,183
-----------
AUTOMOTIVE (0.6%)
Dana 8,600 252
Federal Signal 17,000 387
Magna International, CLA 15,100 656
-----------
Total Automotive 1,295
-----------
BANKS (8.5%)
Bancorp Hawaii 25,700 944
California Federal Bank* 33,000 503
Comerica 41,300 1,544
Crestar Financial 22,000 1,342
First Bank System 7,700 398
First Securities 30,100 1,046
Great Western Financial 41,000 1,046
Marshall & Ilsley 16,000 422
Mercantile Bancorporation 19,000 872
Meridian Bancorp 16,500 761
Midlantic 31,600 1,900
Northern Trust 6,000 314
Regions Financial 28,400 1,193
Republic New York 39,500 2,487
Signet Bank 1,900 46
Southtrust 34,400 873
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
UJB Financial 55,900 $ 1,873
-----------
Total Banks 17,564
-----------
BROADCASTING, NEWSPAPERS, & ADVERTISING (1.5%)
Chris-Craft Industries* 9,000 370
Interpublic Group 28,600 1,098
Omnicom Group 17,600 1,175
TCA Cable TV 19,400 550
-----------
Total Broadcasting, Newspapers, & Advertising
3,193
-----------
BUILDING & CONSTRUCTION (0.8%)
Clayton Homes 25,200 706
Foster Wheeler 21,400 845
-----------
Total Building & Construction 1,551
-----------
CHEMICALS (2.3%)
A. Schulman 27,250 514
Ferro 14,800 329
Georgia Gulf* 17,000 606
Lubrizol 30,400 870
Olin 8,600 654
Praxair 34,000 990
Witco 23,500 723
-----------
Total Chemicals 4,686
-----------
COMMUNICATIONS EQUIPMENT (2.0%)
ADC Telecommunications* 46,800 2,129
Allen Group 23,400 617
DSC Communications* 9,200 365
Vishay Intertechnology* 26,800 938
-----------
Total Communications Equipment 4,049
-----------
COMPUTER SOFTWARE & SERVICES (12.6%)
Adobe System 47,300 3,196
Autodesk 15,500 546
Bay Networks* 65,150 2,931
Cadence Design System* 8,450 304
CUC International* 64,000 2,432
</TABLE>
5
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
AGGRESSIVE GROWTH FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE & SERVICES-- CONTINUED
Dell Computer* 39,900 $ 1,766
EMC* 81,500 1,457
Fiserv* 22,000 583
General Motors, CL E 53,200 2,687
Informix* 61,400 1,700
Mentor Graphics* 72,300 1,455
Parametric Technology* 22,700 1,606
Quantum* 33,600 630
Seagate Technology* 38,100 2,010
Sequent Computers* 11,000 175
Silicon Graphics* 19,700 719
Symantec* 39,400 1,044
Symbol Technologies* 20,500 789
-----------
Total Computer Software & Services 26,030
-----------
CONSUMER PRODUCTS (0.3%)
Hasbro 24,000 732
CONSUMER SERVICES (0.4%)
Service International 20,000 813
DRUGS (4.3%)
Biogen* 29,500 1,608
Chiron* 19,000 1,914
Forest Laboratories* 17,500 744
Genzyme* 13,600 887
IVAX 23,100 615
Mylan Laboratories 46,500 1,087
R.P. Scherer* 16,700 741
Teva Pharmaceutical Industries, ADR 29,000 1,211
-----------
Total Drugs 8,807
-----------
ELECTRICAL SERVICES (2.0%)
Illinova 81,100 2,301
Montana Power 14,000 319
Nipsco Industries 14,000 518
Wisconsin Energy 34,000 1,003
-----------
Total Electrical Services 4,141
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (2.0%)
Arrow Electronics* 30,400 $ 1,419
Diebold 17,000 975
Elsag Bailey Process Automation N.V.* 6,000 173
Hubbell, CL B 11,620 710
Varian Associates 17,800 854
-----------
Total Electronics 4,131
-----------
ENERGY (0.9%)
Kerr-McGee 17,500 1,013
Valero Energy 31,800 823
-----------
Total Energy 1,836
-----------
ENTERTAINMENT (2.0%)
Circus Circus Enterprises* 33,000 916
Hollywood Entertainment* 32,800 529
Mirage Resorts* 77,400 2,622
-----------
Total Entertainment 4,067
-----------
ENVIRONMENTAL SERVICES (0.7%)
Laidlaw, CL B Non-voting 56,000 518
Molton Metal Technology* 25,500 944
-----------
Total Environmental Services 1,462
-----------
FINANCIAL SERVICES (2.8%)
A.G. Edwards 48,500 1,310
Bear Stearns 43,500 946
Charles Schwab 40,600 985
Franklin Resources 36,700 1,940
Green Tree Financial 25,000 706
-----------
Total Financial Services 5,887
-----------
FOOD, BEVERAGE, & TOBACCO (1.9%)
Dial 53,000 1,430
IBP 10,900 681
McCormick 28,800 688
Tyson Foods, CL A 49,500 1,176
-----------
Total Food, Beverage, & Tobacco 3,975
-----------
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (2.9%)
AFLAC 28,900 $ 1,178
Aon 36,200 1,705
Kemper 9,000 443
Progressive, Ohio 22,800 1,015
Reliastar Financial 14,500 627
Transatlantic Holdings 13,900 956
-----------
Total Insurance 5,924
-----------
MACHINERY (1.9%)
Cincinnati Milacron 19,900 520
General Signal 26,000 839
Goulds Pumps 12,000 284
Kennmetal 14,400 443
Sensormatic Electronics 18,300 396
Tyco International 44,000 1,379
-----------
Total Machinery 3,861
-----------
MEASURING DEVICES (0.8%)
Johnson Controls 10,900 755
Teradyne* 38,000 993
-----------
Total Measuring Devices 1,748
-----------
MEDICAL PRODUCTS & SERVICES (4.7%)
Beverly Enterprises* 40,000 465
C.R. Bard 6,800 196
Cordis* 12,200 1,293
Healthcare Compare* 12,500 489
Healthsource 7,000 438
HEALTHSOUTH Rehabilitation* 26,900 814
Inphynet Medical Management* 16,000 292
Mid Atlantic Medical Services* 14,500 353
Nellcor Puritan Bennett* 16,200 932
Pacificare Health Systems* 13,200 1,145
Stryker 38,500 2,060
Tenet Healthcare* 35,000 626
Value Health* 21,500 540
-----------
Total Medical Products & Services 9,643
-----------
METALS & MINING (1.7%)
Alumax* 15,800 525
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Potash of Saskatchewan, ADR 42,200 $ 2,917
-----------
Total Metals & Mining 3,442
-----------
MOTORCYCLES, BICYCLES & PARTS (0.2%)
Harley-Davidson 13,000 361
PAPER & PAPER PRODUCTS (1.4%)
Bowater 19,300 767
Sonoco Products 17,500 438
Tambrands 14,000 730
Westvaco 31,000 848
-----------
Total Paper & Paper Products 2,783
-----------
PETROLEUM & FUEL PRODUCTS (2.9%)
Anadarko Petroleum 25,200 1,212
Apache 25,900 690
MAPCO 15,000 806
Murphy Oil 12,100 476
Noble Affiliates 29,700 806
Questar 22,800 738
Smith International* 28,000 473
Union Texas Petroleum Holding 31,000 597
Weatherford Enterra* 5,323 135
-----------
Total Petroleum & Fuel Products 5,933
-----------
PRINTING & PUBLISHING (2.2%)
A.H. Belo, Ser A 26,500 944
American Greetings, CL A 79,000 2,153
Houghton Mifflin 12,400 499
Reynolds & Reynolds 26,600 1,014
-----------
Total Printing & Publishing 4,610
-----------
PROFESSIONAL SERVICES (0.3%)
Olsten 13,000 520
RAILROADS (0.8%)
Illinois Central, Ser A 34,100 1,381
Trinity Industries 9,700 298
-----------
Total Railroads 1,679
-----------
RETAIL (6.6%)
Barnes & Noble* 23,500 864
Bed Bath & Beyond* 17,000 559
</TABLE>
7
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
AGGRESSIVE GROWTH FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Brinker International* 15,450 $ 238
Circuit City Stores 13,500 392
Cracker Barrel Old Country Store 33,000 615
Federated Department Stores* 46,500 1,354
Fred Meyer 12,000 278
Hannaford Brothers 45,700 1,097
Kohl's* 32,000 1,728
Micro Warehouse* 9,300 437
Office Depot* 81,700 1,999
Outback Steakhouse* 49,000 1,789
PetSmart* 10,000 323
Sbarro 14,000 313
Staples* 13,000 332
Talbots 8,700 253
Wendy's International 49,700 1,025
-----------
Total Retail 13,596
-----------
RUBBER & PLASTIC (0.9%)
First Brands 32,500 1,487
M.A. Hanna 12,600 339
-----------
Total Rubber & Plastic 1,826
-----------
SEMI-CONDUCTORS/INSTRUMENTS (4.6%)
Analog Devices* 49,050 1,815
Atmel* 51,800 1,554
Avnet 24,600 1,156
Linear Technology 30,100 1,362
LSI Logic* 66,100 2,768
Molex 25,937 869
-----------
Total Semi-Conductors/Instruments 9,524
-----------
SPECIALTY MACHINERY (0.8%)
York International 15,800 707
Fisher Scientific 30,200 985
-----------
Total Specialty Machinery 1,692
-----------
STEEL & STEEL WORKS (0.5%)
Allegheny Ludlum 30,200 562
Nucor 11,300 564
-----------
Total Steel & Steel Works 1,126
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
TELEPHONE & TELECOMMUNICATION (3.9%)
Alltel 13,000 $ 384
Century Telephone Enterprises 21,000 656
Equifax 38,200 1,600
Frontier 33,700 872
Southern New England Telecommunication 24,200 877
Telephone And Data Systems 14,400 549
Worldcom* 93,000 3,022
-----------
Total Telephone & Telecommunication 7,960
-----------
Total Common Stock
(Cost $159,079,585) 177,591
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (16.2%)
Deutsche
5.93%, dated 11/30/95, matures 12/01/95,
repurchase price $33,360,609, (collateralized
by various United States Treasury Notes, total
par value $17,118,000, 6.375%-7.75%,
07/15/99-12/31/99: FHLB obligations, total par
value $2,850,000, 08/15/96-07/16/99: FNMA
obligation, total par value $10,000,000,
6.72%, 08/01/05: FFCB obligation, total par
value $160,000, 4.92%, 08/06/96: TVA
obligation, total par value $2,000,000, 7.31%,
05/31/96: total market value of $34,079,126) $ 33,355 33,355
-----------
Total Repurchase Agreement
(Cost $33,355,069) 33,355
-----------
Total Investments (102.4%)
(Cost $192,434,654) 210,946
-----------
OTHER ASSETS AND LIABILITIES (-2.4%)
Total Other Assets and Liabilities (4,859)
-----------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based on
14,910,190 outstanding shares of beneficial
interest $ 156,813
Fund shares of the Investor Class (unlimited
authorization -- no par value) based 1,040,559
outstanding shares of beneficial interest 11,199
Fund shares of the Flex Class (unlimited
authorization -- no par value) based on
177,300 shares of beneficial interest 2,172
Undistributed net investment income 267
Undistributed net realized gain on investments 17,124
Unrealized appreciation on investments 18,512
-----------
Total Net Assets: (100.0%) $ 206,087
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 12.78
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 12.76
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($12.76 DIVIDED BY 96.25%) $ 13.26
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 12.73
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
ADR -- AMERICAN DEPOSITORY RECEIPT
CL -- CLASS
FFCB -- FEDERAL FARM CREDIT BANKS
FHLB -- FEDERAL HOME LOAN BANK
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
SER -- SERIES
TVA -- TENNESSEE VALLEY AUTHORITY
*NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
9
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (91.5%)
AUTOMOTIVE (2.2%)
China Tire Holding 89,400 $ 581
General Motors 235,400 11,417
Goodyear Tire And Rubber 29,500 1,250
Lear Seating* 131,200 3,674
Sysco 300,900 9,215
-----------
Total Automotive 26,137
-----------
BANKS (5.6%)
Bank of Boston 68,900 3,195
Bank South 46,600 1,456
BankAmerica 35,400 2,252
Chemical Bank 321,000 19,260
Cullen Frost Bankers 27,700 1,406
First Interstate Bancorp 47,900 6,419
H.F. Ahmanson 110,800 2,964
Integra Financial 136,700 8,458
Mellon Bank 229,300 12,268
Midlantic 54,800 3,295
Shawmut National 12,400 465
UJB Financial 114,000 3,819
-----------
Total Banks 65,257
-----------
BUILDING & CONSTRUCTION (0.7%)
American Standard 132,500 3,975
Foster Wheeler 116,600 4,606
-----------
Total Building & Construction 8,581
-----------
CHEMICALS (3.0%)
Air Products & Chemical 176,100 9,774
E.I Dupont de Nemours 326,700 21,725
Praxair 123,500 3,597
-----------
Total Chemicals 35,096
-----------
DRUGS (8.4%)
Abbott Laboratories 342,900 13,930
Allergan 47,200 1,463
American Home Products 39,000 3,559
Bergen Brunswig, CL A 45,000 1,080
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Bristol-Myers Squibb 67,100 $ 5,385
Johnson & Johnson 132,700 11,495
Merck 343,582 21,259
Pfizer 191,900 11,130
Pharmacia & Upjohn 92,200 3,308
Smith Kline Beecham PLC 448,600 23,888
Warner Lambert 15,600 1,392
-----------
Total Drugs 97,889
-----------
ELECTRICAL SERVICES (0.0%)
Shandong Huaneng Power ADR 67,100 478
ENERGY (5.6%)
Amoco 221,000 14,973
Atlantic Richfield 57,800 6,264
Chevron 87,700 4,330
Halliburton 106,100 4,602
Kerr-McGee 35,000 2,026
Mobil 120,000 12,525
Royal Dutch Petroleum 33,300 4,275
Schlumberger 95,800 6,083
Sonat 48,200 1,554
Union Texas Petroleum 264,400 5,090
Unocal 136,300 3,663
-----------
Total Energy 65,385
-----------
FINANCIAL SERVICES (2.9%)
Federal Home Loan Mortgage Corporation 195,300 15,038
Federal National Mortgage Association 20,500 2,245
Travelers 276,898 16,475
-----------
Total Financial Services 33,758
-----------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
(10.5%)
Bush Boake Allen* 102,900 3,164
Coca Cola 134,800 10,211
Conagra 71,200 2,839
CPC International 140,200 9,639
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS--
CONTINUED
Gillette 119,100 $ 6,178
Hershey Foods 14,000 865
JP Foodservices* 284,700 4,448
Kellogg 79,700 6,087
Newell 244,600 6,451
Pepsico 123,300 6,812
Philip Morris 273,450 23,997
Procter And Gamble 228,900 19,771
RJR Nabisco Holdings 166,950 4,862
Sara Lee 394,800 12,732
Sunbeam-Oster 264,000 4,290
-----------
Total Food, Beverage, Tobacco, & Household Products
122,346
-----------
INSURANCE (5.3%)
American General 90,000 3,049
American International Group 147,450 13,234
Chubb 76,000 7,391
General Re 141,500 21,171
Penncorp Financal Group 117,900 3,272
Sphere Drake Holdings 306,000 4,399
Washington National 374,600 9,271
-----------
Total Insurance 61,787
-----------
LEISURE (4.5%)
Autotote, CL A* 47,700 140
Carnival Cruise Lines, CL A 698,000 18,149
Marriott 103,100 3,840
Mattel 128,500 3,598
McDonalds 396,200 17,680
Walt Disney 106,200 6,385
Wendy's International 126,700 2,613
-----------
Total Leisure 52,405
-----------
MACHINERY (4.1%)
Emerson Electric 195,400 15,241
General Electric 255,100 17,155
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
General Signal 419,000 $ 13,513
Ingersoll Rand 69,700 2,675
-----------
Total Machinery 48,584
-----------
MEDIA (4.5%)
American Greetings, CL A 44,200 1,204
Capital Cities ABC 136,200 16,838
Hollinger International, Class A 274,000 3,151
Tele Communications, CL A 897,200 16,598
Viacom, CL B* 312,621 15,084
-----------
Total Media 52,875
-----------
MEDICAL PRODUCTS & SERVICES (3.6%)
Columbia/HCA Healthcare 443,164 22,879
Cordis* 25,000 2,650
Fisher Scientific 97,200 3,171
Living Centers of America* 22,000 690
Tenet Healthcare 387,900 6,934
Vencor 188,270 5,836
-----------
Total Medical Products & Services 42,160
-----------
METALS & MINING (0.2%)
Aluminum America 45,000 2,633
MISCELLANEOUS (7.0%)
Allied Signal 442,500 20,908
Eastman Kodak 98,300 6,684
ITT 147,000 18,026
Tyco International 599,200 18,800
United Technologies 191,100 17,916
-----------
Total Miscellaneous 82,334
-----------
PAPER & PAPER PRODUCTS (0.8%)
Georgia Pacific 121,000 9,408
RAILROADS (1.0%)
Union Pacific 175,000 11,856
RETAIL (5.6%)
Albertsons 124,300 3,822
American Stores 175,500 4,607
Duracell International 43,600 2,311
Federated Department Stores* 353,300 10,290
</TABLE>
11
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
CAPITAL GROWTH FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
RETAIL--CONTINUED
Home Depot 538,432 $ 23,893
Intimate Brands 174,400 2,899
Office Depot* 273,100 6,691
Wal-Mart Stores 455,400 10,930
-----------
Total Retail 65,443
-----------
SERVICES (2.4%)
Bell & Howell Holdings 75,000 1,941
Molton Metal Technology 238,500 8,825
Purus 4,210 9
Wheelabrator Technologies 272,000 4,080
WMX Technologies 448,400 13,227
-----------
Total Services 28,082
-----------
STEEL & STEEL WORKS (0.4%)
Worthington Industries 249,600 4,898
TECHNOLOGY (11.3%)
AMP 405,000 16,251
Arrow Electronics* 183,200 8,542
DSC Communications 20,300 804
General Motors, CL E 157,200 7,939
Hewlett Packard 72,000 5,967
IBM 145,500 14,059
Intel 204,200 12,431
Microsoft* 148,700 12,955
Motorola 371,500 22,755
Oracle Systems 192,800 8,748
Scientific-Atlanta 697,200 11,068
Xerox 74,200 10,175
-----------
Total Technology 131,694
-----------
TELECOMMUNICATION (1.9%)
AT&T 334,458 22,074
Total Common Stock
(Cost $932,929,155) 1,071,160
-----------
PREFERRED STOCKS (2.4%)
ENERGY (0.7%)
Unocal CV, 7.00% (A) 165,500 8,647
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.8%)
Continental Airline Financial CV, 8.50% (A) 100,000 $ 4,962
Time Warner Finance CV, $1.24 140,000 4,568
-----------
Total Financial Services 9,530
-----------
PAPER & PAPER PRODUCTS (0.9%)
International Paper CV, 5.25% (A) 236,500 10,702
Total Preferred Stocks
(Cost $29,845,020) 28,879
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE BONDS (0.3%)
Softkey International
5.500%, 11/01/00 convertible to 18.8679 shares
common (A) $ 2,500 2,169
WMX Technologies
5.750%, 01/24/05 convertible to 26.0780 shares
common 1,000 865
-----------
Total Convertible Bonds
(Cost $3,363,265) 3,034
-----------
REPURCHASE AGREEMENT (4.8%)
Salomon 5.89%, dated 11/30/95, matures 12/01/95,
repurchase price $39,792,213 (collateralized
by various FHLMC obligations, total par value
$40,669,811, 8.00%-16.00%, 11/15/23-07/01/24:
FNMA obligations, total par value
$149,532,766, 0.00%-9.00%, 04/25/22-07/01/22:
total market value $42,616,845) 39,785 39,785
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT-- CONTINUED
Swiss Bank 5.89%, dated 11/30/95, matures
12/01/95, repurchase price $16,031,236
(collateralized by a FNMA obligation, par
value $17,668,000, 6.383%, 01/01/34: and a
United States Treasury Bill, par value
$250,000, 10/17/96: total market value
$16,429,978) 16,029 $ 16,029
-----------
Total Repurchase Agreement
(Cost $55,814,317) 55,814
-----------
Total Investments (99.0%)
(Cost $1,021,951,757) 1,158,887
-----------
OTHER ASSETS AND LIABILITIES (1.0%)
Total Other Assets and Liabilities 11,523
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
71,256,408 outstanding shares of beneficial
interest 818,917
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
12,461,948 outstanding shares of beneficial
interest 141,926
Fund Shares of the Flex Class (unlimited
authoriazation -- no par value) based on
350,376 outstanding shares of beneficial
interest 4,577
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Undistributed net investment income $ 1,244
Undistributed net realized gain on investments 66,810
Unrealized appreciation on investments 136,936
-----------
Total Net Assets: (100.0%) $ 1,170,410
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 13.92
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 13.91
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($13.91 DIVIDED BY 96.25%) $ 14.45
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 13.89
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
(A) PRIVATE PLACEMENT SECURITY
ADR -- AMERICAN DEPOSITORY RECEIPT
CL -- CLASS
CV -- CONVERTIBLE SECURITY
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
PLC -- PUBLIC LIMITED COMPANY
* NON-INCOME PRODUCING SECURITY.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
13
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
BALANCED FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (52.3%)
AUTOMOTIVE (0.6%)
General Motors 11,200 $ 544
Goodyear Tire And Rubber 1,400 59
-----------
Total Automotive 603
-----------
BANKS (2.2%)
Bank of Boston 3,200 148
BankAmerica 1,700 108
Chemical Bank 12,800 769
Cullen Frost Bankers 1,000 51
First Interstate Bancorp 2,300 308
Mellon Bank 10,900 583
Summit Bancorporation of New Jersey 7,000 203
UJB Financial 1,500 50
-----------
Total Banks 2,220
-----------
BUILDING & CONSTRUCTION (0.8%)
American Standard Companies 14,500 435
Foster Wheeler 8,900 352
-----------
Total Building & Construction 787
-----------
CHEMICALS (1.7%)
Air Products & Chemical 8,400 466
E.I. Dupont de Nemours 15,700 1,044
Praxair 5,900 172
-----------
Total Chemicals 1,682
-----------
DRUGS (4.9%)
Abbott Laboratories 16,900 687
Allergan* 2,300 71
American Home Products 2,000 183
Amgen* 3,000 149
Bristol-Myers Squibb 4,100 329
Johnson & Johnson 6,300 546
Merck 16,300 1,009
Pfizer 9,100 528
Pharmacia & Upjohn 4,400 158
Smith Kline Beecham PLC 22,000 1,170
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Warner Lambert 700 $ 62
-----------
Total Drugs 4,892
-----------
ENERGY (3.5%)
Amoco 11,700 793
Atlantic Richfield 3,000 325
Chevron 5,300 262
Halliburton 5,000 217
Kerr-McGee 3,000 174
Mobil 5,500 574
Royal Dutch Petroleum 1,600 205
Schlumberger 4,700 298
Sonat 900 29
Union Texas Petroleum 9,400 181
Unocal 16,000 430
-----------
Total Energy 3,488
-----------
ENVIRONMENTAL SERVICES (0.9%)
Molten Metal Technology 8,000 296
WMX Technologies 19,600 578
-----------
874
-----------
FINANCIAL SERVICES (2.5%)
Federal Home Loan Mortgage Corporation 9,600 739
Federal National Mortgage Association 1,000 110
Integra Financial 6,400 396
Midlantic 2,900 174
Penncorp Financal Group 7,900 219
Travelers 13,900 827
-----------
Total Financial Services 2,465
-----------
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD PRODUCTS
(6.8%)
Bush Boake Allen* 5,300 163
Coca Cola 7,500 568
Conagra 3,400 136
CPC International 6,700 461
Gillette 5,000 259
</TABLE>
14
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOOD, BEVERAGE, TOBACCO, & HOUSEHOLD
PRODUCTS--CONTINUED
Hershey Foods 5,300 $ 327
JP Foodservices* 11,600 181
Kellogg 4,200 321
Newell 15,100 398
Pepsico 5,700 315
Philip Morris 13,100 1,148
Procter And Gamble 11,600 1,002
RJR Nabisco Holdings 5,260 153
Sara Lee 18,800 606
Sunbeam-Oster 15,700 255
Sysco 13,700 420
-----------
Total Food, Beverage, Tobacco, & Household Products
6,713
-----------
INSURANCE (2.9%)
American General 4,200 142
American International Group 7,000 628
Chubb 3,600 350
General Re 6,400 958
Sphere Drake Holdings 21,000 302
Washington National 19,500 483
-----------
Total Insurance 2,863
-----------
LEISURE (2.6%)
Carnival Cruise Lines, CL A 32,700 850
Marriott 5,000 186
Mattel 15,000 420
McDonalds 18,800 839
Walt Disney 5,100 307
-----------
Total Leisure 2,602
-----------
MACHINERY (2.3%)
Emerson Electric 9,200 718
General Electric 13,200 887
General Signal 20,000 645
-----------
Total Machinery 2,250
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MEDIA (1.7%)
American Greetings, CL A 2,100 $ 57
Tele Communications 40,700 753
Viacom, CL B* 17,544 847
-----------
Total Media 1,657
-----------
MEDICAL PRODUCTS & SERVICES (2.2%)
Columbia/HCA Healthcare 22,640 1,168
Fisher Scientific 4,500 147
Medtronic 5,000 274
Tenet Healthcare 19,000 340
Vencor 8,800 273
-----------
Total Medical Products & Services 2,202
-----------
MISCELLANEOUS (3.9%)
Allied Signal 21,100 996
Eastman Kodak 4,700 320
ITT 7,700 944
Tyco International 28,400 891
United Technologies 7,600 713
-----------
Total Miscellaneous 3,864
-----------
PAPER & PAPER PRODUCTS (0.5%)
Georgia Pacific 5,900 459
RAILROADS (0.6%)
Union Pacific 8,900 603
RETAIL (3.3%)
Albertsons 6,800 209
American Stores 8,300 218
Duracell International 1,300 69
Federated Department Stores* 16,800 489
Home Depot 27,300 1,211
Intimate Brands 10,500 175
Office Depot* 11,100 272
Wal-Mart Stores 22,800 547
Wendy's International 6,200 128
-----------
Total Retail 3,318
-----------
</TABLE>
15
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
BALANCED FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
STEEL & STEEL WORKS (0.3%)
Worthington Industries 12,000 $ 236
-----------
Total Steel & Steel Works 236
-----------
TECHNOLOGY (6.3%)
Arrow Electronics* 7,800 364
AMP 17,700 710
DSC Communications 1,000 40
General Motors, CL E 7,500 379
Hewlett Packard 3,400 282
Intel 10,200 621
International Business Machines 6,900 667
Microsoft* 7,100 619
Motorola 16,900 1,034
Oracle Systems 9,200 417
Scientific-Atlanta 38,600 613
Xerox 3,900 535
-----------
Total Technology 6,281
-----------
TELECOMMUNICATIONS (1.8%)
AT&T 15,900 1,049
Capital Cities ABC 6,000 742
-----------
Total Telecommunications 1,791
-----------
Total Common Stock
(Cost $45,249,974) 51,850
-----------
PREFERRED STOCKS (0.1%)
FINANCIAL SERVICES (0.1%)
Time Warner Finance CV, $1.24 4,000 131
-----------
Total Financial Services 131
-----------
Total Preferred Stocks
(Cost $124,000) 131
-----------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS (19.0%)
Aristar Financial
7.500%, 07/01/99 $ 1,000 1,033
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
AT&T Capital
6.600%, 02/20/98 $ 1,000 $ 1,004
Capital One Bank
6.660%, 08/17/98 500 507
Capital One Bank, MTN
6.490%, 08/15/97 1,000 1,009
Ford Motor Credit
6.375%, 09/15/99 1,500 1,519
General Electric Capital, MTN
8.100%, 01/26/99 1,000 1,061
General Motors Acceptance
6.625%, 10/01/02 500 509
General Motors Acceptance, MTN
8.375%, 02/03/99 1,000 1,069
Heller Financial, MTN
6.510%, 09/20/99 1,000 1,013
International Lease Finance
8.125%, 01/15/98 1,000 1,061
ITT Destinations
6.250%, 11/15/00 1,000 1,000
Merrill Lynch
6.640%, 09/19/02 500 508
Morgan Stanley
7.790%, 02/03/97 1,500 1,532
Paine Webber
6.250%, 06/15/98 3,500 3,499
Salomon
6.700%, 12/01/98 1,000 1,001
Sears, MTN
7.360%, 08/15/97 1,000 1,025
Smith Barney
7.500%, 05/01/02 500 529
-----------
Total Corporate Obligations
(Cost $18,568,850) 18,879
-----------
ASSET BACKED SECURITIES (2.5%)
Chemical Master Credit Card Trust
6.230%, 04/15/02 1,000 1,002
</TABLE>
16
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Signet Master Trust
6.800%, 12/15/00 $ 1,500 $ 1,532
-----------
Total Asset Backed Securities
(Cost $2,498,502) 2,534
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS (4.9%)
FHLMC
Pool #G40156, 8.000%, 06/01/02 907 933
GNMA
Pool #780153, 9.000%, 11/15/17 913 969
Pool #780171, 9.000%, 11/15/17 2,789 2,961
-----------
Total U.S. Government Agency Obligations
(Cost $4,828,062) 4,863
-----------
U.S. TREASURY OBLIGATIONS (13.7%)
United States Treasury Bonds
7.500%, 11/15/16 2,500 2,867
8.125%, 08/15/19 6,000 7,368
United States Treasury Notes
8.875%, 02/15/99 500 549
5.750%, 08/15/03 500 501
7.875%, 11/15/04 2,000 2,287
-----------
Total U.S. Treasury Obligations
(Cost $12,530,756) 13,572
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (7.8%)
Merrill Lynch
5.84%, dated 11/30/95, matures 12/01/95,
repurchase price $7,703,864 (collateralized by
various Treasury Coupon Under Book-Entry
obligations, total par value $5,782,842,
9.125%-11.75%, 02/15/96-11/15/06: FNMA
obligations, total par value $3,314,000,
6.10%-9.05%, 09/01/97-04/10/01: and by a
Federal Hosuing Administration obligation,
total par value $ 9,200, 5.375%, 09/01/97:
total market value $7,859,294) $ 7,703 $ 7,703
-----------
Total Repurchase Agreement
(Cost $7,702,614) 7,703
-----------
Total Investments (100.3%)
(Cost $91,502,758) 99,532
-----------
OTHER ASSETS AND LIABILITIES (-0.3%)
Total Other Assets and Liabilities (313)
-----------
</TABLE>
17
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
BALANCED FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
8,342,012 outstanding shares of beneficial
interest $ 83,041
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
395,069 outstanding shares of beneficial
interest 3,919
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
154,036 outstanding shares of beneficial
interest 1,643
Undistributed net investment income 492
Undistributed net realized gain on investments 2,094
Unrealized appreciation on investments 8,030
-----------
Total Net Assets: (100.0%) $ 99,219
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 11.16
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 11.19
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($11.19 DIVIDED BY 96.25%) $ 11.63
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 11.15
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
CL -- CLASS
CV -- CONVERTIBLE SECURITY
FHLMC -- FEDERAL HOME LOAN MORTGAGE ASSOCIATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
GNMA -- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
MTN -- MEDIUM TERM NOTE
PLC -- PUBLIC LIMITED COMPANY
* NON-INCOME PRODUCING SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
18
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
INTERNATIONAL EQUITY INDEX FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOREIGN COMMON STOCKS (94.4%)
AUSTRALIA (2.5%)
Amcor 13,361 $ 97
Broken Hill Proprietary 59,156 805
Coles Myer 65,647 212
CRA 16,668 264
CSR 47,284 151
Lend Lease 9,731 135
Mim Holdings 42,910 58
National Australia Bank 34,222 298
News Corporation 45,224 237
Pacific Dunlop 51,684 124
Westpac Banking 48,003 199
WMC 25,702 172
-----------
Total Australia 2,752
-----------
AUSTRIA (1.2%)
Creditanstalt Bankverein 2,614 139
EA Generali 505 139
OEMV 2,975 245
Oest Elektrizatswits, CL A 3,165 180
Wienerberger Baust 854 177
Z-Laenderbank 5,133 399
-----------
Total Austria 1,279
-----------
BELGIUM (1.7%)
Bekaert 80 62
Delhaize Freres 2,100 88
Electrabel 1,600 363
Fortis 1,400 162
GBL Bruxelles Lambert 1,050 135
Generale Banque 670 226
Kredietbank 350 90
Petrofina 780 231
Royale Belgian 500 92
Solvay 375 191
Tractebel 550 207
Union Miniere* 680 42
-----------
Total Belgium 1,889
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
DENMARK (1.2%)
Carlsberg, CL B 2,444 $ 129
D/S 1912, CL B 10 192
D/S Svendborg, CL B 5 137
Danisco 4,330 199
Novo Nordisk, CL B 2,069 260
Sophus Berendsen, CL B 1,303 141
Tele Danmark, CL B 3,958 216
-----------
Total Denmark 1,274
-----------
FINLAND (0.7%)
Nokia, CL A 2,600 143
Nokia, CL K 5,800 320
Outokumpu Oy, CL A 6,500 108
Repola 8,900 173
Unitas Bank, CL A* 16,000 40
-----------
Total Finland 784
-----------
FRANCE (9.9%)
Accor 1,746 212
Air Liquide 2,497 402
Alcatel Alsthom 5,283 440
AXA 6,948 417
Bancaire 1,210 132
Banque Nationale de Paris 9,100 403
Bouygues 1,500 165
Carnaud Metal Box 3,600 158
Carrefour 1,019 563
Compagnie de Suez 7,313 274
Danone 2,764 433
Eaux Generale 4,645 452
Elf Aquitaine 11,062 774
Eridania Beghin Say 1,259 205
Havas 2,350 172
L'Oreal 2,113 524
Lafarge 3,868 246
Legrand 1,700 269
LVMH Moet Hennesy 3,640 693
Lyonnaise des Eaux 3,100 297
Michelin, CL B 5,850 238
</TABLE>
19
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INTERNATIONAL EQUITY INDEX FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FRANCE--CONTINUED
Paribas 4,093 $ 228
Pernod Ricard 2,729 162
Peugeot 2,290 296
Pinault Printemps 700 132
Promodes 850 188
Rhone Poulenc 12,450 267
Saint Gobain 3,226 373
Sanofi 3,773 218
Schneider 4,000 147
Societe Generale 3,180 372
Thomson 8,450 186
Total, CL B 8,057 496
Union Bail 2,450 243
-----------
Total France 10,777
-----------
GERMANY (15.1%)
Allianz 1,008 1,931
AMB Aachener & Munchener 316 202
Asko Kaufhaus 256 119
BASF 3,155 693
Bayer 3,561 926
Bayer Vereinsbank 21,510 621
Bayerische Hypotheken 12,300 303
Beiersdorf 267 186
Bremer Vulkan* 788 23
Colonia Konzern 156 114
Daimler Benz 2,723 1,333
Degussa 599 191
Deutsche Bank 22,470 1,050
Dresdner Bank 21,550 577
Heidelberger 299 182
Hochtief 376 169
Karstadt 625 246
Kaufhof 471 142
Linde 491 288
Lufthansa 1,908 253
Man 531 149
Mannesmann 2,003 643
Muenchener Rueckversicherungs 356 656
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Muenchener Rueckversicherungs Rights* 356 $ 41
Preussag 1,061 306
RWE 1,624 587
Sap 3,200 510
Schering 3,660 248
Siemens 2,884 1,500
Strabag 490 82
Thyssen* 1,601 295
Veba 26,010 1,060
Viag 983 392
Volkswagen 1,461 470
-----------
Total Germany 16,488
-----------
HONG KONG (1.0%)
Cathay Pacific Airways 45,000 67
Cheung Kong 26,000 148
China Light & Power 15,000 71
Hang Seng Bank 21,900 191
Hong Kong Telecommunications 92,000 156
Hutchison Whampoa 34,000 193
Sun Hung Kai Properties 20,000 161
Swire Pacific, CL A 15,500 117
-----------
Total Hong Kong 1,104
-----------
ITALY (6.5%)
Assicurazioni Generali 66,575 1,516
Banca Commerciale Italiana 124,500 237
Banco Ambrosiano Veneto 46,000 114
Benetton 19,500 225
Credito Italiano 205,000 211
Edison 48,000 192
Fiat 240,000 725
Istituto Bancario 64,500 351
Italgas 83,000 213
Mediobanca 39,400 250
Montedison* 372,000 231
Olivetti Rights* 202,500 11
Olivetti* 202,500 134
Parmalat Finanziaria 193,000 144
</TABLE>
20
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ITALY--CONTINUED
Pirelli* 165,000 $ 201
Ras 29,850 306
Sirti 28,500 165
SME* 50,640 111
Telecom Italia 510,000 694
Telecom Italia Di Risp 193,000 213
Telecom Italia Mobile Di Risp* 103,000 100
Telecom Italia Mobile* 450,000 726
-----------
Total Italy 7,070
-----------
JAPAN (35.8%)
Ajinomoto 23,000 249
Asahi Bank 48,000 557
Asahi Breweries 3,000 35
Asahi Chemical Industries 47,000 351
Asahi Glass 31,000 342
Bank of Tokyo 37,000 604
Bank of Yokohama 20,000 149
Bridgestone 21,000 310
Chiba Bank 12,000 106
Chiyoda 11,000 104
Citizen Watch 17,000 125
Cosmo Oil 83,000 407
Dai Nippon Printing 20,000 350
Dai-Ichi Kangyo Bank 56,000 1,047
Daiei 17,000 196
Daimaru 27,000 178
Daishowa Paper* 7,000 57
Daiwa Kosho Lease 11,000 108
Daiwa Securities 24,000 333
Ebara 15,000 212
Fanuc 9,900 422
Fuji Bank 61,000 1,275
Fuji Photo Film 13,000 322
Fujitsu 30,000 354
Furukawa Electric 64,000 303
Hankyu 48,000 250
Hitachi 69,000 699
Honda Motor 24,000 434
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Industrial Bank of Japan 40,000 $ 1,149
Ito Yokado 7,000 387
Itochu 47,000 312
Itoham Foods 14,000 103
Japan Air Lines* 81,000 519
Japan Energy 41,000 127
Joyo Bank 37,000 281
Jusco 10,000 240
Kansai Electric Power 16,900 401
KAO 27,000 332
Kawasaki Steel 60,000 213
Kinki Nippon Railway 37,000 278
Kirin Brewery 36,000 382
Kobe Steel* 60,000 172
Komatsu 13,000 102
Kubota 56,000 369
Kyocera 4,000 317
Marubeni 28,000 149
Marui 23,000 430
Matsushita Electric 38,000 564
Mitsubishi 26,000 312
Mitsubishi Chemical 45,000 220
Mitsubishi Electric 70,000 521
Mitsubishi Estate 47,000 532
Mitsubishi Heavy Industries 78,000 622
Mitsubishi Materials 39,000 196
Mitsubishi Steel* 24,000 128
Mitsubishi Trust & Banking 27,000 414
Mitsui 41,000 348
Mitsui Trust & Banking 32,000 300
Mitsukoshi 16,000 141
Murata 6,000 215
NEC 32,000 409
New Oji Paper 25,000 230
Nippon Express 26,000 226
Nippon Oil 36,000 198
Nippon Paper 32,000 211
Nippon Sharyo 22,000 189
Nippon Steel 117,000 403
Nippon Yusen Kabushik 36,000 210
</TABLE>
21
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INTERNATIONAL EQUITY INDEX FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
JAPAN--CONTINUED
Nippondenso 31,000 $ 573
Nishido Fire & Marine 15,000 116
Nissan Motors 57,000 420
NKK* 109,000 300
Nomura Securities 39,000 767
Obayashi 57,000 451
Odakyu Railway 24,000 170
Olympus Optical 8,000 76
Osaka Gas 153,000 521
Ricoh 20,000 205
Sakura Bank 53,000 574
Sankyo 12,000 268
Sanyo Electric 61,000 318
Sega Enterprises 3,000 162
Sekisui Chemical 16,000 206
Sekisui House 18,000 211
Seven Eleven 9,000 623
Sharp 23,000 326
Shimizu 28,000 286
Shin Etsu Chemical 9,000 186
Shizuoka Bank 16,000 203
Skylark 9,000 151
Sony 7,000 372
Sumitomo 19,000 189
Sumitomo Bank 58,000 1,118
Sumitomo Chemical 36,000 179
Sumitomo Metal 42,000 128
Taisei 61,000 398
Takeda Chemical Industries 24,000 359
Teijin 31,000 163
Tobu Railway 94,000 558
Tohoku Electric Power 8,686 203
Tokai Bank 37,000 451
Tokio Marine & Fire Insurance 38,000 434
Tokyo Electric Power 20,806 540
Tokyo Electronics 6,000 256
Tokyo Gas 36,000 127
Tokyu 53,000 369
Toppan Printing 24,000 312
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Toray 38,000 $ 247
Tostem 7,000 213
Toto 18,000 244
Toyo Seikan Kaisha 5,000 152
Toyoda Auto Loom 8,000 136
Toyota Motor 66,000 1,308
Yamaichi Securities 39,000 247
Yamanouchi Pharmaceutical 18,000 388
Yasuda Trust & Banking 42,000 202
-----------
Total Japan 39,137
-----------
NETHERLANDS (2.6%)
ABN-AMRO 5,217 232
Akzo 1,682 190
International Nederlanden 4,725 309
KNP 2,724 72
KPN 6,466 230
Philips Electronics 4,484 176
Royal Dutch Petroleum 8,762 1,129
Unilever 383 50
Unilever CVA 2,110 279
Wolters Kluwer 1,761 149
-----------
Total Netherlands 2,816
-----------
NORWAY (0.8%)
Bergesen, CL A 5,100 105
Hafslund Nycomed, CL B 5,400 138
Kvaerner 1,850 61
Norsk Hydro 13,050 532
-----------
Total Norway 836
-----------
SPAIN (3.7%)
Argentaria 5,751 225
Autopistas Cesa 13,518 149
Banco Bilbao Vizcaya 11,211 370
Banco Central Hispano 8,104 166
Banco de Santander 7,562 353
Dragados 6,786 88
Empresa Nacional de Electricidad 11,718 632
Fabrica Autom Renault 3,318 48
</TABLE>
22
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
SPAIN--CONTINUED
FCC 1,552 $ 118
Gas Natural 1,747 248
Iberdrola 49,779 420
Mapfre 1,018 57
Repsol 15,141 477
Telefonica de Espana 42,971 593
Union Electrica Fenosa 19,547 106
-----------
Total Spain 4,050
-----------
SWEDEN (1.7%)
Asea, CL A 3,300 320
Astra, CL A 12,650 471
Electrolux 1,300 56
Ericsson 18,800 443
Skandinaviska Enskilda Bank 20,000 156
Skanska, CL B 2,500 86
Stora Kopparbergs, CL A 5,000 63
Svenska Cellulosa, CL B 7,000 118
Volvo, CL B 8,250 171
-----------
Total Sweden 1,884
-----------
SWITZERLAND (2.2%)
BBC Brown Boveri 125 144
Ciba Geigy 320 286
Nestle 530 565
Roche Holding 62 469
Roche Holding Bearer 12 156
Sandoz Pharmaceutical 355 303
Schweiz Bankverein 700 279
Union Bank of Switzerland 200 209
-----------
Total Switzerland 2,411
-----------
UNITED KINGDOM (7.8%)
Abbey National 27,256 268
Barclays Bank 17,967 216
Bass 21,609 228
BAT 48,527 414
Blue Circle Industries 62,460 312
British Gas 65,970 246
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
British Petroleum 75,001 $ 590
British Telecommunications 73,145 422
BTR 65,934 337
Cable & Wireless 29,090 202
General Electric 72,344 351
Glaxo Wellcome 37,081 495
Grand Metropolitan 51,851 351
Great Universal Stores 24,668 232
Guinness 32,822 232
Hanson 128,670 385
HSBC Holdings 27,525 409
HSBC Holdings 16,541 251
Imperial Chemical 15,754 183
Marks & Spencer 64,361 437
National Power 31,225 221
Reuters Holdings 36,913 348
RMC Group 12,844 204
RTZ 14,285 205
Sainsbury 20,726 122
Smithkline Beecham, CL A 34,973 372
Unilever 15,796 306
Vodafone Group 33,305 119
-----------
Total United Kingdom 8,458
-----------
Total Foreign Common Stocks
(Cost $100,722,972) 103,009
-----------
FOREIGN PREFERRED STOCK (1.4%)
AUSTRALIA (0.1%)
News Corporation Pref 34,070 163
AUSTRIA (0.1%)
Creditanstalt Bankverein Pref 2,930 147
GERMANY (0.8%)
RWE Pref 1,098 313
Sap Pref 2,080 327
Volkswagen Pref 647 151
-----------
Total Germany 791
-----------
</TABLE>
23
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INTERNATIONAL EQUITY INDEX FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
ITALY (0.4%)
Fiat Non-Convertible Pref 106,000 $ 176
Fiat Pref 117,800 205
-----------
Total Italy 381
-----------
Total Foreign Preferred Stock (Cost $1,434,521)
1,482
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE MARKET
AMOUNT VAOUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS (4.0%)
UNITED STATES (4.0%)
Highmark Money Market Fund $ 4,369 4,369
-----------
Total Cash Equivalents
(Cost $4,369,067) 4,369
-----------
Total Investments (99.8%)
(Cost $106,526,560) 108,860
-----------
OTHER ASSETS AND LIABILITIES (0.2%)
Other Assets and Liabilities, Net 234
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
10,034,157 outstanding shares of beneficial
interest 99,985
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
451,093 outstanding shares of beneficial
interest 4,493
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on 66,380
outstanding shares of beneficial interest $ 686
Accumulated net realized gain on investments 781
Accumulated net realized gain on foreign
currency transactions 28
Undistibuted net investment income 796
Net unrealized depreciation on foreign currency
and translation of other assets and
liabilities in foreign currency (8)
Net unrealized depreciation on investments 2,333
-----------
Total Net Assets: (100.0%) 109,094
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Class $ 10.34
-----------
-----------
Net Asset Value and Redemption Price Per Share
-- Investor Class $ 10.28
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Class ($10.28/96.25%) $ 10.68
-----------
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Flex Class(1) $ 10.29
-----------
-----------
</TABLE>
(1) FLEX CLASS HAS A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A POSSIBLE
REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENTS.
*NON-INCOME PRODUCING SECURITY.
CL -- CLASS
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
24
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
SUNBELT EQUITY FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK (92.0%)
AEROSPACE & DEFENSE (1.3%)
Tech-Sym* 107,791 $ 3,221
Tracor* 79,636 1,204
-----------
Total Aerospace & Defense 4,425
-----------
AIR TRANSPORTATION (4.5%)
Atlantic Southeast Airlines 173,473 4,554
Comair Holdings 192,872 6,243
Offshore Logistics* 79,635 956
Southwest Airlines 127,103 3,178
-----------
Total Air Transportation 14,931
-----------
APPAREL/TEXTILES (0.7%)
Varsity Spirit 154,009 2,118
BANKS (1.9%)
Cullen Frost Bankers 47,952 2,434
First Tennessee National 31,894 1,930
Southern National 64,510 1,693
-----------
Total Banks 6,057
-----------
BUILDING & CONSTRUCTION (5.0%)
American Buildings* 67,789 1,534
Centex Construction Products 95,584 1,338
Centex* 81,736 2,687
Citation* 238,606 3,848
Miller Industries* 98,945 2,152
Redman Industries* 167,016 4,676
-----------
Total Building & Construction 16,235
-----------
COMMUNICATIONS EQUIPMENT (2.4%)
Dallas Semiconductor 153,398 3,298
Union Switch & Signal* 72,273 506
Worldcom* 122,004 3,965
-----------
Total Communications Equipment 7,769
-----------
COMPUTER SOFTWARE & SERVICES (4.9%)
Acxiom* 42,368 1,218
Cybex* 118,126 2,215
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Dell Computer* 112,629 $ 4,984
Harbinger* 67,789 1,703
Landmark Graphics* 50,842 1,017
Tandy 99,685 4,747
-----------
Total Computer Software & Services 15,884
-----------
DATA COMMUNICATIONS (3.9%)
Cadmus Communications 67,790 1,932
Harris* 89,356 5,149
National Data 147,450 3,594
Scientific-Atlanta 127,105 2,018
-----------
Total Data Communications 12,693
-----------
ELECTRICAL TECHNOLOGY (1.7%)
Kemet* 177,984 5,429
ELECTRONICS (2.1%)
Benchmark Electronics* 163,107 3,976
PMT Services* 104,952 2,952
-----------
Total Electronics 6,928
-----------
ENVIRONMENTAL SERVICES (0.4%)
U.S.A. Waste Services* 64,369 1,352
FINANCIAL SERVICES (0.9%)
Amsouth Bancorporation 47,842 1,895
Capital One Financial 39,868 1,007
-----------
Total Financial Services 2,902
-----------
FOOD RETAIL (1.4%)
Brown-Forman, CL B 79,637 3,036
Flowers Industries 119,454 1,538
-----------
Total Food Retail 4,574
-----------
FUNERAL HOME SERVICES (0.4%)
Service International 33,894 1,377
HOUSEHOLD PRODUCTS (2.0%)
INBRAND* 369,329 6,463
INSURANCE (2.8%)
Compdent* 56,514 1,964
Jefferson-Pilot 25,420 1,805
Midland Financial Group 84,505 972
</TABLE>
25
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
SUNBELT EQUITY FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE--CONTINUED
Policy Management* 55,960 $ 2,503
Triad Guaranty* 73,177 1,976
-----------
Total Insurance 9,220
-----------
LUMBER & WOOD PRODUCTS (2.1%)
Clayton Homes 122,035 3,418
Oakwood Homes 59,740 2,449
Palm Harbor Homes* 46,605 990
-----------
Total Lumber & Wood Products 6,857
-----------
MACHINERY (2.2%)
AVX* 83,673 2,406
Baldor Electric 98,552 2,230
Greenfield Industries 82,798 2,545
-----------
Total Machinery 7,181
-----------
MARINE TRANSPORTATION (1.1%)
Hornbeck Offshore Services* 119,505 2,151
Tidewater 48,478 1,388
-----------
Total Marine Transportation 3,539
-----------
MEASURING DEVICES (2.7%)
Input/Output* 178,801 8,247
Roper Industries 13,556 481
-----------
Total Measuring Devices 8,728
-----------
MEDICAL PRODUCTS & SERVICES (8.7%)
Gulf South Medical Supply* 191,688 4,601
HEALTHSOUTH Rehabilitation* 79,341 2,400
Humana* 224,215 5,969
Isolyser* 328,482 5,338
Owen Healthcare* 211,840 4,608
Phycor* 63,882 2,859
Quorum Health Group* 127,971 2,767
-----------
Total Medical Products & Services 28,542
-----------
METALS (1.1%)
Wolverine Tube* 103,557 3,508
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL AND GAS EQUIPMENT (5.4%)
Anadarko Petroleum 42,368 $ 2,039
Baker Hughes 63,968 1,303
Cairn Energy* 84,736 1,070
Diamond Offshore Drilling* 50,841 1,468
Ensco International* 47,842 807
Global Marine* 239,008 1,613
Nuevo Energy* 93,209 2,074
Pride Petroleum* 254,955 2,486
Production Operators 72,204 2,202
Sonat Offshore Drilling 42,368 1,462
Stone Energy* 82,873 1,119
-----------
Total Oil and Gas Equipment 17,643
-----------
PAPER & PAPER PRODUCTS (1.4%)
Rock-Tenn, CL A 160,786 2,573
Sonoco Products 85,683 2,142
-----------
Total Paper & Paper Products 4,715
-----------
PROFESSIONAL SERVICES (4.8%)
Accustaff* 118,172 3,545
Blount, CL A 300,165 9,042
Medaphis* 25,497 829
Norrell 79,636 2,220
-----------
Total Professional Services 15,636
-----------
REAL ESTATE (1.3%)
Beazer Homes* 84,736 1,631
Felcor Suite Hotels 95,234 2,762
-----------
Total Real Estate 4,393
-----------
REPAIR SERVICES (0.5%)
Central Parking* 46,012 1,265
Treadco 51,003 319
-----------
Total Repair Services 1,584
-----------
</TABLE>
26
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
RESTAURANT/LODGING (5.3%)
Equity Inns 236,126 $ 2,715
Longhorn Steaks* 84,736 1,377
O'Charleys* 183,802 2,160
Outback Steakhouse* 123,340 4,502
Promus Hotel* 159,372 3,526
Ryans Family Steakhouses* 239,008 1,763
Winston Hotels 105,382 1,251
-----------
Total Restaurant/Lodging 17,294
-----------
RETAIL (12.3%)
Apple South 141,802 2,978
Autozone* 84,735 2,468
Big B 203,099 2,056
Books-A-Million* 258,164 3,711
Claire's Stores 175,264 3,418
Discount Auto Parts* 199,129 5,526
Dollar General 110,157 2,988
Family Dollar Stores 146,324 2,250
Food Lion 239,009 1,419
Friedman's, CL A* 134,714 3,132
Lowe's 91,515 2,883
Pier 1 Imports 144,206 1,568
Sonic* 104,654 2,302
Sports & Recreation* 264,642 1,852
Stein Mart* 119,504 1,501
-----------
Total Retail 40,052
-----------
STEEL & STEEL WORKS (0.7%)
IMCO Recycling 100,597 2,276
TRUCKING (3.3%)
Allied Holdings* 169,336 1,693
American Freightways* 416,809 5,680
MTL* 76,576 1,005
U.S.A. Truck* 211,918 2,331
-----------
Total Trucking 10,709
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
WHOLESALE (2.8%)
Kent Electronics* 76,033 $ 4,125
Watsco 125,506 2,071
World Fuel Services 209,824 2,990
-----------
Total Wholesale 9,186
-----------
Total Common Stock
(Cost $261,301,506) 300,200
-----------
PREFERRED STOCKS (0.8%)
INSURANCE (0.8%)
United Companies Financial,
6.75%, CV to 1.653 shares 45,758 2,648
-----------
Total Preferred Stocks
(Cost $2,448,053) 2,648
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE BONDS (4.9%)
HEALTHSOUTH Rehabilitation, convertible to
26.5781 shares
5.000%, 04/01/01 $ 3,305 5,305
Medaphis, convertible to 35.7140 shares
6.500%, 01/01/00 2,731 6,274
Sterling Software, convertible to 35.2734 shares
5.750%, 02/01/03 2,118 4,342
-----------
Total Convertible Bonds
(Cost $12,036,585) 15,921
-----------
</TABLE>
27
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
SUNBELT EQUITY FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (2.3%)
Swiss Bank
5.85%, dated 11/30/95, matures 12/01/95,
repurchase price $7,342,100 (collateralized by
various United States Treasury Obligations,
total par value $7,705,000, 0.00%-7.625%,
05/30/96-02/15/25, total market value
$7,490,904) $ 7,341 $ 7,341
-----------
Total Repurchase Agreement
(Cost $7,340,897) 7,341
-----------
Total Investments (100.0%)
(Cost $283,127,041) 326,110
-----------
OTHER ASSETS AND LIABILITIES (0.0%)
Total Other Assets and Liabilities 19
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
25,629,447 outstanding shares of beneficial
interest 251,650
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
2,117,748 outstanding shares of beneficial
interest 20,798
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on 97,446
outstanding shares of beneficial interest $ 1,096
Accumulated net investment loss (441)
Undistributed net realized gain on investments 10,043
Unrealized appreciation on investments 42,983
-----------
Total Net Assets: (100.0%) $ 326,129
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 11.72
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 11.62
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($11.62 DIVIDED BY 96.25%) $ 12.07
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 11.67
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
CL -- CLASS
CV -- CONVERTIBLE SECURITY
*NON-INCOME PRODUCING SECURITY.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
28
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
INVESTMENT GRADE TAX EXEMPT BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (93.8%)
ARIZONA (1.4%)
Maricopa County, Mesa Uni School District Number
4, Ser D, GO, Pre-Refunded 07/01/98 @ 101
(AMBAC)
6.000%, 07/01/01 $ 1,000 $ 1,058
6.125%, 07/01/02 1,050 1,113
-----------
Total Arizona 2,171
-----------
COLORADO (1.5%)
Highlands Ranch Metropolitan District Number 1,
GO,
Pre-Refunded 09/01/02 @ 103 (MBIA)
7.300%, 09/01/12 2,000 2,368
FLORIDA (7.1%)
Dade County, Water And Sewer Systems RB, (FGIC)
6.250%, 10/01/08 1,000 1,114
6.250%, 10/01/10 1,000 1,104
Duval County School District, GO (AMBAC)
5.800%, 08/01/01 5,160 5,559
Okeechobee Correctional Facility, COP (AMBAC)
5.800%, 03/01/03 1,000 1,080
Volusia County School Board, Florida Master
Lease Program, COP, Pre-Refunded 08/01/01 @
102 (FSA)
6.625%, 08/01/06 2,000 2,268
-----------
Total Florida 11,125
-----------
GEORGIA (3.3%)
Cobb County School District, GO, Callable
02/01/03 @ 103, 02/01/05 @ 100
4.750%, 02/01/07 2,750 2,715
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Downtown Savannah Authority, Chatham County
Detention, Ser A, RB, Pre-Refunded 01/01/99 @
102
6.400%, 01/01/01 $ 1,415 $ 1,534
State Municipal Electric Authority Power, Ser C,
RB (GOP)
5.350%, 01/01/05 1,000 1,023
-----------
Total Georgia 5,272
-----------
HAWAII (0.6%)
Honolulu City and County,
Ser A, GO (MBIA)
5.100%, 11/01/08 1,000 1,003
ILLINOIS (8.0%)
Cook County, Community College District Number
508, COP (MBIA)
7.700%, 12/01/07 10,150 12,548
IOWA (0.7%)
Le Claire, Electric Authority, RB, ETM,
Mandatory Put 09/01/96 @ 100
4.125%, 09/01/26 1,190 1,195
LOUISIANA (4.9%)
New Orleans, GO, (AMBAC)
6.500%, 10/01/01 7,000 7,761
MICHIGAN (2.0%)
Detriot, Sewer Disposal, Ser B, RB (MBIA)
6.000%, 07/01/09 1,205 1,304
Detroit, Sewer Disposal, Ser A, RB (MBIA)
4.700%, 07/01/03 1,810 1,794
-----------
Total Michigan 3,098
-----------
</TABLE>
29
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INVESTMENT GRADE TAX EXEMPT BOND FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MISSOURI (3.9%)
State, Third Street Building, Ser A, GO,
Callable 08/01/02 @ 100
5.000%, 08/01/10 $ 6,255 $ 6,216
NEW MEXICO (2.4%)
Albuquerque, Water And Sewer Systems, RB
6.000%, 07/01/06 1,500 1,629
6.000%, 07/01/07 975 1,057
Los Alamos County, Utility System Authority, RB
(FSA)
5.125%, 07/01/00 1,000 1,034
-----------
Total New Mexico 3,720
-----------
NEW YORK (15.4%)
Metropolitan Transportation Authority, Ser K,
RB, Pre-Refunded 07/01/00 @ 101.50 (MBIA)
7.875%, 07/01/17 5,000 5,819
Metropolitan Transportation Authority, Ser K,
RB, Pre-Refunded 07/01/02 @ 101.50
6.625%, 07/01/14 5,000 5,688
State Transportation Highway Authority, Local
Highway And Bridges, RB
5.400%, 04/01/03 6,195 6,333
State Transportation Highway Authority, Local
Highway And Bridges, RB, Callable 04/01/05 @
102
5.900%, 04/01/07 4,060 4,222
State, Ser C, GO, Callable 10/01/05 @ 101
6.000%, 10/01/06 2,000 2,180
-----------
Total New York 24,242
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NORTH CAROLINA (7.0%)
Bucombe County, GO
5.100%, 03/01/07 $ 3,000 $ 3,068
Medical Care Community Hospital, Gaston Memorial
Hospital Project, RB (AMBAC)
5.000%, 02/15/05 2,000 2,025
5.125%, 02/15/06 1,025 1,040
5.250%, 02/15/07 1,130 1,151
Pitt County Memorial Hospital, RB, Callable
12/01/05 @ 102, 12/01/07 @ 100
5.200%, 12/01/08 3,635 3,671
-----------
Total North Carolina 10,955
-----------
OHIO (0.7%)
Franklin County Hospital, Riverside Unlimited,
Ser B, RB, Pre-Refunded 05/01/00 @ 102
7.600%, 05/15/20 1,000 1,149
OKLAHOMA (1.8%)
Grand River Dam Authority, RB (AMBAC)
6.250%, 06/01/11 2,520 2,838
PUERTO RICO (12.9%)
Commonwealth Highway And Transportation
Authority, Ser S, RB, Pre-Refunded 07/01/02 @
101.50
6.500%, 07/01/22 10,350 11,722
Commonwealth Public Improvements, GO,
Pre-Refunded 07/01/02 @ 101.05
6.800%, 07/01/02 5,000 5,750
</TABLE>
30
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
PUERTO RICO--CONTINUED
Electric And Power Authority, Ser K, RB,
Pre-Refunded 07/01/97 @ 102
9.250%, 07/01/06 $ 2,500 $ 2,756
-----------
Total Puerto Rico 20,228
-----------
SOUTH CAROLINA (0.7%)
Charleston, Waterworks And Sewer Authority, RB,
Pre-Refunded 01/01/98 @ 100
7.200%, 01/01/19 1,000 1,064
TENNESSEE (3.7%)
Johnson City, Health And Educational Authority,
RB
Pre-Refunded 07/01/01 @ 102 (MBIA)
6.750%, 07/01/16 5,080 5,759
TEXAS (6.7%)
Houston, Hotel Occupancy, RB (FSA)
6.000%, 07/01/03 3,000 3,255
North Central, Health Facility Development
Corporation, Presbeteryian Medical Center, RB
(MBIA)
3.850%, 12/01/15 (A) 100 100
State Tax And Revenue, Ser A, AN
4.750%, 08/30/96 6,000 6,058
State Water Developement, Ser A & C, RB
6.500%, 08/01/05 1,000 1,150
-----------
Total Texas 10,563
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
WASHINGTON (4.0%)
State, Ser R-96B, GO, Callable 07/01/06 @ 100
5.000%, 07/01/08 $ 1,400 $ 1,365
5.000%, 07/01/09 2,000 1,928
Tacoma, Department of Public Utilities And
Light, RB, Callable 01/01/96 @ 102
9.000%, 01/01/00 1,000 1,024
Tacoma, Department of Public Utilities And
Light, RB, Callable 07/01/96 @ 102
8.600%, 01/01/97 2,000 2,047
-----------
Total Washington 6,364
-----------
WISCONSIN (5.1%)
State Health And Educational Facilities
Authority, Felician Health Care Incorporated,
RB
3.750%, 01/01/19 (A) (B) 8,000 8,000
Total Municipal Bonds
(Cost $145,107,881) 147,639
-----------
CASH EQUIVALENTS (8.5%)
AIM Management Institutional Tax-Free Money
Market 5,612 5,612
SEI Institutional Tax-Exempt Money Market 7,799 7,799
-----------
Total Cash Equivalents
(Cost $13,410,788) 13,411
-----------
</TABLE>
31
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INVESTMENT GRADE TAX EXEMPT BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Total Investments (102.3%)
(Cost $158,518,669) $ 161,050
OTHER ASSETS AND LIABILITIES (-2.3%)
Investment Securities Purchased (11,927)
Other Assets and Liabilities, Net 8,241
-----------
Total Other Assets and Liabilities (3,686)
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
9,650,480 outstanding shares of beneficial
interest 106,438
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
3,577,806 outstanding shares of beneficial
interest 38,820
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
368,430 outstanding shares of beneficial
interest 4,167
Undistributed net investment income 4
Undistributed net realized gain on investments 5,403
Unrealized appreciation on investments 2,532
-----------
Total Net Assets: (100.0%) $ 157,364
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 11.57
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor
Shares $ 11.58
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($11.58 DIVIDED BY 96.25%) $ 12.03
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares (1) $ 11.58
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
(A) VARIABLE RATE SECURITY. THE RATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT ON NOVEMBER 30, 1995.
(B) SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT ISSUED BY A MAJOR
BANK.
AN -- ANTICIPATION NOTE
COP -- CERTIFICATE OF PARTICIPATION
ETM -- ESCROWED TO MATURITY
GO -- GENERAL OBLIGATION
RB -- REVENUE BOND
SER -- SERIES
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR CERTAIN
SECURITIES AS NOTED IN THE STATEMENT OF NET ASSETS:
AMBAC -- AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC -- FINANCIAL GUARANTY INSURANCE CORPORATION
FSA -- FINANCIAL SECURITY ASSURANCE
GOP -- GENERAL OBLIGATION OF PARTICIPANTS
MBIA -- MUNICIPAL BOND INSURANCE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
32
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
FLORIDA TAX-EXEMPT BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (89.7%)
FLORIDA (80.5%)
Dade County, Aviation Revenue, Ser A, RB,
Callable 10/01/05 @ 102 (AMBAC)
6.000%, 10/01/09 $ 500 $ 533
Dade County, Aviation Revenue, Ser E, RB (AMBAC)
5.500%, 10/01/10 1,070 1,095
Dade County, Guaranteed Revenue, RB, ETM
5.800%, 02/01/08 500 545
Dade County, Seaport Revenue, RB (MBIA)
6.200%, 10/01/07 750 822
6.200%, 10/01/08 750 819
Dade County, Water & Sewer Revenue, RB (FGIC)
6.250%, 10/01/09 750 833
Deerfield Beach, Water & Sewer Revenue, RB
(FGIC)
6.125%, 10/01/06 250 278
Florida Keys, Aqueduct Authority Revenue, RB,
Pre-Refunded 09/01/01 @ 101 (AMBAC)
6.750%, 09/01/21 170 192
Gulf Breeze, Local Government Lien, Ser B, RB,
Mandatory Tender 12/01/08 (FGIC)
5.650%, 12/01/15 460 483
Gulf Breeze, Local Government Lien, Ser B, RB,
Mandatory Tender 12/01/09 (FGIC)
5.750%, 12/01/15 410 429
Hillsborough County, Capital Improvement
Revenue, RB (FGIC)
5.900%, 08/01/04 300 331
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Hillsborough County, Tampa Port Authority, RB,
ETM, Callable 06/01/05 @ 102 (FSA)
5.600%, 06/01/07 (A) $ 500 $ 522
Hillsborough County, University Community
Hospital, RB (MBIA)
6.500%, 08/15/19 145 164
Indian Trace Community, Water Management Split
Benefit, Ser A-1, RB, Callable 05/01/05 @ 102
(MBIA)
5.500%, 05/01/07 455 478
Jacksonville, Electric Authority Revenue, Ser
3B, RB
5.250%, 10/01/19 1,125 1,081
Jacksonville, Electric Authority Revenue, St
John's River Project, Ser 5, GO
5.250%, 10/01/18 250 242
Jacksonville, Sales Tax Revenue, River City
Renaisssance Project, RB (FGIC)
5.500%, 10/01/10 1,160 1,186
Key West, Sewer Revenue, Ser A, RB, Pre-Refunded
10/01/96 @ 103 (FGIC)
7.125%, 10/01/26 500 529
Lakeland, Electric & Water Revenue, RB
6.650%, 10/01/98 100 107
Lee County, Local Optional Gas Tax Revenue, RB,
Callable 10/01/05 @ 102; 10/01/07 @ 100 (FGIC)
5.300%, 10/01/08 740 765
North Broward, Hospital District Revenue, RB
(MBIA)
5.950%, 01/01/01 1,000 1,070
</TABLE>
33
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
FLORIDA TAX-EXEMPT BOND FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FLORIDA--CONTINUED
Orange County, Health Facilities Authority
Revenue, Pre-Refunded Municipal Certificates,
RB, ETM
5.700%, 10/01/12 $ 500 $ 527
Orange County, Public Facilities Revenue, Ser A,
RB, Callable 10/01/04 @ 102; 10/01/06 @ 100
(AMBAC)
5.650%, 10/01/07 200 214
Orlando, Community Water & Electric Revenue, RB,
ETM
9.625%, 10/01/03 450 600
Orlando, Community Water & Electric Revenue, Ser
D, RB
6.750%, 10/01/17 500 589
Palm Beach, Health Facilities Revenue, JFK
Medical Center Project, RB, Pre-Refunded
12/01/03 @ 102 (FSA)
5.750%, 12/01/14 275 302
Pinellas County, Morton Plant Health Systems
Project, RB, Callable 11/15/03 @ 102; 11/15/05
@ 100 (MBIA)
5.500%, 11/15/08 1,500 1,551
Plant City, Utility System Revenue, RB, Callable
10/01/04 @ 101 (MBIA)
6.000%, 10/01/15 400 431
Reedy Creek, Utility Revenue, Ser 1991-1, RB,
Pre-Refunded 10/01/01 @ 101 (MBIA)
6.250%, 10/01/11 240 266
Sarasota-Manatee, Sarasota-Manatee Airport
Authority, Ser B, Callable 08/01/96 @ 102
7.700%, 08/01/06 200 209
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
South Miami, Health Facilities Revenue, Baptist
Health Systems, RB, Callable 10/01/05 @ 102;
10/01/07 @ 100 (MBIA)
5.250%, 10/01/09 $ 1,000 $ 995
State Board of Education Capital Outlay, RB
6.600%, 06/01/98 125 133
State Board of Education Capital Outlay, Ser B,
GO, Callable 06/01/02 @ 101; 06/01/03 @ 100
5.900%, 06/01/12 450 465
State Board of Education Capital Outlay, Ser B,
GO, Pre-Refunded 06/01/97 @ 102
7.750%, 06/01/16 425 457
State Board of Education Capital Outlay, Ser B,
RB, Callable 06/01/02 @ 101; 06/01/03 @ 100
6.000%, 06/01/15 170 176
State Board of Education, Ser C, GO, ETM,
Pre-Refunded 06/01/96 @ 102
7.100%, 06/01/96 190 197
State Department of Natural Resources,
Preservation 2000, Ser A, RB (AMBAC)
5.300%, 07/01/04 460 480
State Department of Natural Resources,
Preservation 2000, Ser A, RB, Callable
07/01/01 @ 102 (AMBAC)
6.750%, 07/01/06 80 91
State Municipal Power Agency, St. Lucie Project,
RB, Callable 10/01/02 @ 102; 10/01/04 @ 100
(FGIC)
5.250%, 10/01/21 200 195
</TABLE>
34
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
FLORIDA--CONTINUED
State Pollution Control, Ser N, GO, Callable
07/01/96 @ 102
8.000%, 07/01/97 $ 420 $ 428
State Transportation Authority, GO, Pre-Refunded
01/01/98 @ 102
9.200%, 01/01/09 500 561
State Transportation Authority, GO, Pre-Refunded
07/01/00 @ 102
7.375%, 07/01/11 100 115
State Turnpike Authority Revenue, Ser A, RB,
Pre-Refunded 07/01/02 @ 101 (FGIC)
6.350%, 07/01/22 970 1,084
-----------
Total Florida 22,570
-----------
PUERTO RICO (9.2%)
Commonwealth Highway & Transportation Authority
Revenue, RB, Callable 07/01/03 @ 101.5
5.250%, 07/01/21 500 469
Commonwealth, GO, Pre-Refunded 07/01/98 @ 102
8.000%, 07/01/06 500 558
Electric Power Authority Revenue, Ser S, RB
5.500%, 07/01/00 200 210
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Public Buildings Authority Revenue, Guaranteed
Government Facilities, Ser A, RB (AMBAC)
6.250%, 07/01/14 $ 750 $ 840
Public Buildings Authority Revenue, Public
Education and Health Facilaties, RB
5.300%, 07/01/03 475 491
-----------
Total Puerto Rico 2,568
-----------
Total Municipal Bonds
(Cost $24,160,175) 25,138
-----------
CASH EQUIVALENTS (9.0%)
AIM Management Institutional Tax-Exempt Money
Market Portfolio 1,370 1,370
SEI Institutional Tax-Exempt Money Market
Portfolio 1,164 1,164
-----------
Total Cash Equivalents
(Cost $2,533,884) 2,534
-----------
Total Investments (98.7%)
(Cost $26,694,059) 27,672
-----------
OTHER ASSETS AND LIABILITIES (1.3%)
Total Other Assets and Liabilities 374
-----------
</TABLE>
35
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
FLORIDA TAX-EXEMPT BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
NET ASSETS:
<S> <C> <C>
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
2,077,689 outstanding shares of beneficial
interest $ 20,819
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
403,383 outstanding shares of beneficial
interest 4,005
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
202,799 outstanding shares of beneficial
interest 2,078
Undistributed net investment income 1
Undistributed net realized gain on investments 165
Unrealized appreciation on investments 978
-----------
Total Net Assets: (100.0%) $ 28,046
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 10.45
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 10.45
-----------
-----------
Maximun Public Offering Price Per Share --
Investor Shares ($10.45 DIVIDED BY 96.25%) $ 10.86
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 10.47
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
(A) INCOME ON BOND MAY BE SUBJECT TO ALTERNATIVE MINIMUM TAX.
ETM -- ESCROWED TO MATURITY
GO -- GENERAL OBLIGATION
RB -- REVENUE BOND
SER -- SERIES
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR CERTAIN
SECURITIES AS NOTED IN THE SCHEDULE OF INVESTMENTS:
AMBAC -- AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC -- FINANCIAL GUARANTY INSURANCE CORPORATION
FSA -- FINANCIAL SECURITY ASSURANCE
MBIA -- MUNICIPAL BOND INSURANCE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
36
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
TENNESSEE TAX-EXEMPT BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (88.7%)
TENNESSEE (71.6%)
Chattanooga, GO, Callable 02/01/02 @ 102;
02/01/04 @ 100
5.500%, 02/01/09 $ 50 $ 51
Chattanooga, GO, Callable 08/01/02 @ 102
5.900%, 08/01/05 50 54
Chattanooga, Health Facilities Board, Memorial
Hospital Project, Ser A, RB (MBIA)
6.300%, 09/01/05 20 22
Chattanooga-Hamilton County, Erlanger Medical
Center, RB (FSA)
5.600%, 10/01/08 50 52
Hamilton County, GO, Callable 07/01/04 @ 102;
07/01/06 @ 100
5.500%, 07/01/08 100 103
Harpeth Valley, Utility District, RB, Callable
09/01/03 @ 102; 09/01/05 @ 100
5.625%, 09/01/07 100 106
Johnson City, Water & Sewer Regulation System,
GO, Callable 05/01/04 @ 102; 05/01/06 @ 100
(AMBAC)
5.800%, 05/01/09 100 105
Kingsport, GO
5.500%, 09/01/02 50 53
Knox County, First Utility District Sewer
Revenue, RB, ETM
7.250%, 12/01/05 55 66
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Knox County, Health Facilities Board, Mercy
Health Systems, Ser B, RB, Callable 09/01/05 @
100 (AMBAC)
5.875%, 09/01/15 $ 50 $ 51
Knoxville, Natural Gas Revenue, Ser E, Callable
03/01/03 @ 100
5.900%, 03/01/10 100 103
Madison County, Ser A, GO, Callable 08/01/01 @
102; 08/01/03 @ 100
6.000%, 08/01/05 40 43
Madison County, Water Revenue, RB, Callable
02/01/08 @ 100 (MBIA)
5.500%, 02/01/09 250 257
Memphis-Shelby County, Airport Authority, RB,
Callable 09/01/05 @ 100 (MBIA)
5.550%, 09/01/08 50 52
Memphis-Shelby County, Airport Authority, Ser B,
RB (MBIA)
6.500%, 02/15/09 85 94
Metro Government, Nashville & Davidson County,
Convention Center Project, GO, ETM
6.250%, 03/01/10 200 224
Metro Government, Nashville & Davidson County,
Correctional Facility Improvements, RB,
Callable 09/01/01 @ 102
7.000%, 09/01/11 100 111
</TABLE>
37
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
TENNESSEE TAX-EXEMPT BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
TENNESSEE--CONTINUED
Metro Government, Nashville & Davidson County,
Electric Revenue, RB, ETM
6.000%, 07/01/04 $ 100 $ 110
Metro Government, Nashville & Davidson County,
Vanderbilt University Hospital, RB, ETM
6.100%, 07/01/10 100 113
Metro Government, Nashville & Davidson County,
Water & Sewer, RB, Callable 01/01/02 @ 102
(AMBAC)
5.900%, 01/01/07 100 106
Shelby County, School Boards, GO, Callable
03/01/02 @ 101; 03/01/06 @ 100
5.800%, 03/01/10 300 308
Shelby County, Ser A, GO
5.500%, 03/01/10 300 307
State Housing Development Agency, Ser A, RB
(AMBAC)
6.550%, 01/01/08 50 53
State Local Development Authority, State Loan
Program, Ser A, RB, Callable 03/01/01 @ 102
7.000%, 03/01/12 50 55
State Metropolitan Nashville Airport, Ser B, RB,
Pre-Refunded 07/01/01 @ 102 (FGIC)
7.750%, 07/01/06 100 118
State School Board Authority, Higher Education
Facilities, Ser A, RB, Callable 05/01/02 @
101.5
5.800%, 05/01/04 150 162
State Ser A, GO, Callable 03/01/04 @ 101.5
5.500%, 03/01/09 50 52
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
State Ser A, GO, Callable 07/01/02 @ 101.5
5.500%, 07/01/11 $ 50 $ 51
Sullivan County, Health Facilities Board,
Holston Valley Health, RB, Callable 02/15/03 @
102 (MBIA)
5.750%, 02/15/13 50 51
Williamson County, Rural School, GO, Callable
09/01/06 @ 100
5.400%, 09/01/07 50 52
-----------
Total Tennessee 3,085
-----------
PUERTO RICO (17.1%)
Commonwealth, GO, Callable 07/01/03 @ 101.5;
07/01/00 @ 100 (MBIA)
5.500%, 07/01/13 175 177
Commonwealth, GO, Pre-Refunded 07/01/98 @ 102
8.000%, 07/01/06 500 558
-----------
Total Puerto Rico 735
-----------
Total Municipal Bonds
(Cost $3,677,079) 3,820
-----------
REPURCHASE AGREEMENTS (0.9%)
Lehman Brothers
5.420%, dated 11/30/95, matures 12/01/95,
repurchase price $37,804 (collateralized by
United States Treasury Bond, par value
$32,068, 8.00%, 11/15/21, market value
$38,890) 38 38
-----------
Total Repurchase Agreements
(Cost $37,798) 38
-----------
</TABLE>
38
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS (9.2%)
AIM Management Institutional Tax-Exempt Money
Market Portfolio $ 206 $ 206
SEI Institutional Tax-Exempt Money Market
Portfolio 189 189
-----------
Total Cash Equivalents (Cost $394,664) 395
-----------
Total Investments (98.8%)
(Cost $4,109,541) 4,253
-----------
OTHER ASSETS AND LIABILITIES (1.2%)
Total Other Assets and Liabilities 54
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
186,287 outstanding shares of beneficial
interest 1,735
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
137,502 outstanding shares of beneficial
interest 1,300
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
119,647 outstanding shares of beneficial
interest 1,135
Accumulated net investment loss (1 )
Accumulated net realized loss on investments (5 )
Unrealized appreciation on investments 143
-----------
Total Net Assets: (100.0%) $ 4,307
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 9.70
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 9.73
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($9.73 DIVIDED BY 96.25%) $ 10.11
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 9.71
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
ETM -- ESCROWED TO MATURITY
GO -- GENERAL OBLIGATION
RB -- REVENUE BOND
SER -- SERIES
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR CERTAIN
SECURITIES AS NOTED IN THE STATEMENT OF NET ASSETS:
AMBAC -- AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC -- FEDERAL GUARANTY INSURANCE CORPORATION
FSA -- FINANCIAL SECURITY ASSURANCE
MBIA -- MUNICIPAL BOND INVESTORS ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
39
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
GEORGIA TAX-EXEMPT BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (95.2%)
GEORGIA (95.2%)
Albany-Dougherty County Hospital Authority,
Anticipation Certificates, Ser B, RB, Pre-
Refunded 09/01/00 @ 102 (AMBAC)
7.500%, 09/01/20 $ 255 $ 295
Alpharetta, Ser A, GO, Callable
05/01/04 @ 102
5.550%, 05/01/11 700 719
Athens, Water & Sewer Revenue, RB, ETM
5.700%, 07/01/00 165 175
Atlanta, Airport Facility, RB
6.300%, 01/01/07 500 500
Augusta, Water And Sewer, RB, Callable 05/01/02
@ 102
6.200%, 05/01/03 130 141
Bibb County, GO
7.000%, 01/01/04 485 559
Cherokee County, School District, GO, Callable
06/01/02 @ 102
6.375%, 06/01/07 605 657
Cobb County, GO
5.000%, 02/01/03 500 517
Cobb County, School District, GO
4.750%, 02/01/07 400 395
Columbus, Water & Sewer, RB (FGIC)
6.300%, 05/01/07 300 329
Dalton, Building Authority Revenue, Ser B, RB,
Callable 07/01/02 @ 101
5.250%, 07/01/09 215 215
Dalton-Whitfield County Hospital Authority,
Anticipation Certificates, RB, Pre-Refunded
07/01/00 @ 102
7.000%, 07/01/03 355 401
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Dekalb County, Development Authority, Emory
University Project, Ser A, RB
5.375%, 11/01/05 $ 650 $ 683
Dekalb County, Jail Building, GO, Pre-Refunded
01/01/02 @ 102
6.350%, 01/01/05 510 569
Dekalb County, Unlimited Tax, GO, Callable
01/01/02 @102
5.500%, 01/01/04 600 641
Dekalb County, Water And Sewer Revenue, RB
5.125%, 10/01/11 750 739
5.125%, 10/01/14 455 443
Douglas County, School District, GO (MBIA)
5.500%, 01/01/08 170 176
5.700%, 01/01/10 900 941
Fayette County, School District, GO
6.250%, 03/01/07 450 507
Fayette County, Water Revenue, RB, ETM
8.550%, 10/01/01 300 364
Floyd County Hospital Authority, Anticipation
Certificates, Floyd Medical Center, RB,
Callable 07/01/03 @ 102 (FGIC)
5.200%, 07/01/11 220 216
Fulton County Hospital Authority, Anticipation
Certificates, Northside Hospital, Project B,
RB, Pre-Refunded 10/01/02 @ 102
6.625%, 10/01/16 575 656
Gwinnett County, School District, Ser B, GO
6.400%, 02/01/07 1,000 1,120
Hall County, School District, GO
6.300%, 12/01/05 675 744
Henry County Water And Sewer Authority, RB
4.700%, 02/01/04 120 118
</TABLE>
40
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
GEORGIA--(CONTINUED)
Henry County, School District, GO
6.300%, 08/01/08 $ 300 $ 330
Henry County, School District, GO (MBIA)
5.500%, 08/01/01 350 369
Housing & Finance Authority For Single Family
Mortgage, Ser B, RB
5.550%, 12/01/07 550 564
Medical Center Hospital Authority, Columbus
Regional Healthcare System
6.000%, 08/01/06 1,000 1,079
Paulding County School District, Ser A, GO
6.625%, 02/01/08 500 564
Private Colleges & Universities Authority, Agnes
Scott College Project, RB, Callable 06/01/03 @
102
5.150%, 06/01/07 175 177
Private Colleges & Universities Authority, Emory
University Project, Ser C, RB, Callable
10/01/02 @ 102 (GOI)
5.900%, 10/01/04 305 332
Private Colleges & Universities Authority,
Spelman College Project, RB, Callable 06/01/04
@ 102 (FGIC)
6.000%, 06/01/09 475 506
Rockdale County, School District, GO, Callable
01/01/03 @ 102
5.250%, 01/01/10 295 294
Rockdale County, School District, GO,
Pre-Refunded 01/01/99 @ 102
6.400%, 01/01/05 150 162
Savannah Economic Development Authority, Hershey
Foods Corporation, RB
6.600%, 06/01/12 500 543
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Savannah Economic Development Authority, Union
Camp Corporation Project, RB
5.200%, 09/01/04 $ 500 $ 518
Savannah Resource Recovery Development
Authority, Savannah Energy System Company
Project, RB, Callable 12/01/01 @ 101
6.300%, 12/01/06 335 358
State General Obligation, Ser B, Pre-Refunded
07/01/99 @ 102
6.800%, 07/01/06 460 507
Vidalia Water & Sewer, RB, ETM
6.000%, 07/01/07 605 666
-----------
Total Georgia 19,789
-----------
Total Municipal Bonds
(Cost $19,285,972) 19,789
-----------
CASH EQUIVALENTS (5.4%)
AIM Management Institutional Tax-Free Money
Market Portfolio 165 165
SEI Institutional Tax-Exempt Money Market
Portfolio 951 951
-----------
Total Cash Equivalents
(Cost $1,116,154) 1,116
-----------
Total Investments (100.6%)
(Cost $20,402,126) 20,905
-----------
OTHER ASSETS AND LIABILITIES (-0.6%)
Total Other Assets and Liabilities (123)
-----------
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based on
1,526,756 outstanding shares of beneficial
interest 14,580
Fund shares of the Investor Class (unlimited
authorization -- no par value) based on
350,007 outstanding shares of beneficial
interest 3,413
</TABLE>
41
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
GEORGIA TAX-EXEMPT BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fund shares of the Flex Class (unlimited
authorization -- no par value) based on
230,189 outstanding shares of beneficial
interest $ 2,217
Undistributed net realized gain on investments 69
Unrealized appreciation on investments 503
-----------
Total Net Assets: (100.0%) $ 20,782
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 9.86
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 9.88
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Maximum Public Offering Price Per Share --
Investor Shares ($9.88 DIVIDED BY 96.25%) $ 10.26
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 9.86
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
ETM -- ESCROWED TO MATURITY
GO -- GENERAL OBLIGATION
RB -- REVENUE BOND
SER -- SERIES
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR CERTAIN
SECURITIES AS NOTED IN THE STATEMENT OF NET ASSETS:
AMBAC -- AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC -- FEDERAL GUARANTY INSURANCE CORPORATION
GOI -- GENERAL OBLIGATION OF INSTITUTION
MBIA -- MUNICIPAL BOND INSURANCE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
42
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS (31.9%)
United States Treasury Bonds
7.500%, 11/15/16 $ 52,500 $ 60,207
8.125%, 08/15/19 71,500 87,805
United States Treasury Notes
5.750%, 08/15/03 12,000 12,013
7.875%, 11/15/04 37,000 42,307
-----------
Total U.S. Treasury Obligations
(Cost $187,641,717) 202,332
-----------
CORPORATE OBLIGATIONS (45.8%)
Aristar Financial
7.500%, 07/01/99 11,000 11,358
Associates of North America, MTN
8.470%, 01/12/00 6,000 6,518
AT & T Capital
6.060%, 02/20/98 13,000 13,049
Capital One Bank
6.660%, 08/17/98 7,000 7,096
Capital One Bank, MTN
6.490%, 08/15/97 17,500 17,653
Ford Motor Credit
6.375%, 09/15/99 25,000 25,313
General Electric Capital, MTN
7.646%, 02/03/97 14,500 14,826
8.100%, 01/26/99 25,000 26,528
General Motors Acceptance
6.625%, 10/01/02 13,500 13,753
General Motors Acceptance, MTN
8.375%, 02/03/99 22,000 23,513
Heller Financial, MTN
6.510%, 09/20/99 17,000 17,213
International Lease Finance
8.125%, 01/15/98 15,000 15,919
ITT Destinations
6.250%, 11/15/00 12,500 12,500
Merrill Lynch
6.640%, 09/19/02 8,500 8,628
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Morgan Stanley
7.790%, 02/03/97 $ 20,000 $ 20,425
Paine Webber
6.250%, 06/15/98 5,500 5,500
Salomon
6.700%, 12/01/98 20,000 20,025
Salomon, MTN
5.000%, 12/06/95 2,000 2,000
Sears, MTN
7.360%, 08/15/97 15,000 15,375
Smith Barney
7.500%, 05/01/02 12,000 12,705
-----------
Total Corporate Obligations
(Cost $283,160,188) 289,897
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS (12.0%)
FHLMC
8.000%, 06/01/02 12,698 13,059
FHLMC REMIC, Ser 1318-E
7.300%, 06/15/16 7,100 7,214
GNMA
Pool #780153, 9.000%, 11/15/17 14,609 15,508
Pool #780171, 9.000%, 11/15/17 38,123 40,470
-----------
Total U.S. Government Agency Obligations
(Cost $75,627,688) 76,251
-----------
ASSET BACKED SECURITIES (5.9%)
Chemical Master Credit Card Trust
6.230%, 04/15/02 13,500 13,529
Merrill Lynch 1993-1 A2
5.125%, 07/15/98 949 944
Signet Master Trust
6.800%, 12/15/00 22,500 22,985
-----------
Total Asset Backed Securities
(Cost $36,927,020) 37,458
-----------
</TABLE>
43
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
INVESTMENT GRADE BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (6.8%)
Swiss Bank
5.85%, dated 11/30/95, matures 12/01/95,
repurchase price $42,917,465 (collateralized
by various United States Treasury Bills, total
par value $45,639,000, 12/21/95-10/17/96,
total market value $43,810,584) 42,910 $ 42,910
Total Repurchase Agreement
(Cost $42,910,492) 42,910
-----------
Total Investments (102.4%)
(Cost $626,267,105) 648,848
-----------
OTHER ASSETS AND LIABILITIES (-2.4%)
Total Other Assets and Liabilities (15,375)
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
56,659,680 outstanding shares of beneficial
interest 586,057
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
3,406,236 outstanding shares of beneficial
interest 35,702
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
202,971 outstanding shares of beneficial
interest 2,093
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Accumulated net investment loss on investments $ (124)
Accumulated net realized loss on investments (12,836)
Unrealized appreciation on investments 22,581
-----------
Total Net Assets: (100.0%) $ 633,473
-----------
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 10.51
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 10.51
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares
($10.51 DIVIDED BY 96.25%) $ 10.92
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 10.54
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
FHLMC -- FEDERATED HOME LOAN MORTGAGE CORPORATION
GNMA -- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
MTN -- MEDIUM TERM NOTE
REMIC -- REAL ESTATE MORTGAGE INVESTMENT CONDUIT
SER -- SERIES
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
44
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
SHORT TERM BOND FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS (53.8%)
United States Treasury Notes
5.875%, 05/31/96 $ 3,000 $ 3,006
6.000%, 06/30/96 1,500 1,505
7.875%, 07/31/96 2,750 2,793
6.875%, 10/31/96 1,000 1,013
6.500%, 05/15/97 4,000 4,061
6.000%, 08/31/97 2,000 2,020
5.750%, 10/31/97 1,000 1,007
7.250%, 02/15/98 7,500 7,778
6.125%, 05/15/98 2,000 2,033
4.750%, 09/30/98 6,500 6,387
6.500%, 04/30/99 3,250 3,351
7.875%, 08/15/01 1,250 1,387
7.500%, 11/15/01 3,250 3,557
-----------
Total U.S. Treasury Obligations
(Cost $39,119,883) 39,898
-----------
CORPORATE OBLIGATIONS (31.4%)
Associates of North America
8.250%, 12/01/99 1,250 1,350
Catepillar Finance, MTN
5.180%, 10/01/98 1,000 983
Ford Motor Credit, MTN
6.050%, 04/06/98 1,000 1,005
General Motors Acceptance Corporation
8.170%, 01/02/00 2,024 2,153
Household Finance
6.375%, 06/30/00 1,500 1,517
Ingersoll-Rand
6.360%, 08/25/97 2,000 2,023
International Lease Finance
6.125%, 11/01/99 1,500 1,508
Nationsbank, MTN
6.750%, 02/26/01 2,000 2,058
NYNEX Credit, MTN
6.900%, 06/15/99 2,000 2,048
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Pacific
5.880%, 10/15/97 $ 1,000 $ 1,000
Phillip Morris
9.000%, 05/15/98 1,500 1,603
Sears Roebuck Acceptance, MTN
6.300%, 10/18/00 1,250 1,259
6.150%, 11/15/05 750 751
Tenneco Credit
9.625%, 08/15/01 1,750 2,019
Union Pacific
7.375%, 05/15/01 1,000 1,054
World Savings And Loan
4.850%, 04/01/96 1,000 999
-----------
Total Corporate Obligations
(Cost $23,031,962) 23,330
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS (6.6%)
FHLMC
7.240%, 05/15/02 1,000 1,033
FNMA
8.500%, 08/01/02 2,776 2,859
SLMA Step-up Note
5.125%, 03/02/99 1,000 1,003
-----------
Total U.S. Government Agency Obligations
(Cost $4,853,427) 4,895
-----------
ASSET BACKED SECURITIES (5.6%)
American Express Master Trust 1994-1, CL A
7.150%, 08/15/99 1,000 1,036
Discover Card Trust 1991-D
8.625%, 07/16/98 1,570 1,606
Premier Auto Trust Series 1995-2, CL A3
6.850%, 10/04/97 1,500 1,512
-----------
Total Asset Backed Securities
(Cost $4,117,524) 4,154
-----------
</TABLE>
45
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
SHORT TERM BOND FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CASH EQUIVALENTS (1.7%)
SEI Prime Money Market $ 1,287 $ 1,287
-----------
Total Cash Equivalents
(Cost $1,286,615) 1,287
-----------
Total Investments (99.1%)
(Cost $72,409,411) 73,564
-----------
OTHER ASSETS AND LIABILITIES (0.9%)
Total Other Assets and Liabilities 658
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
7,047,647 outstanding shares of beneficial
interest 69,982
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
237,511 outstanding shares of beneficial
interest 2,370
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on 58,339
outstanding shares of beneficial interest 583
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Overdistribution of net investment income $ (4)
Undistributed realized gain on investments 136
Net unrealized appreciation on investments 1,155
-----------
Total Net Assets: (100.0%) $ 74,222
-----------
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 10.11
-----------
-----------
Net Asset Value and Redemption Price Per Share
-- Investor Shares $ 10.13
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($10.13 DIVIDED BY 98.00%) $ 10.34
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 10.12
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
CL -- CLASS
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
MTN -- MEDIUM TERM NOTE
SLMA -- STUDENT LOAN MARKETING ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
46
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
SHORT-TERM U.S. TREASURY SECURITIES FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS (94.9%)
United States Treasury Notes
5.125%, 03/31/96 $ 1,500 $ 1,498
6.125%, 07/31/96 500 502
7.250%, 11/30/96 2,500 2,543
7.500%, 01/31/97 3,000 3,072
6.375%, 06/30/97 500 507
6.000%, 08/31/97 1,400 1,414
7.250%, 02/15/98 1,000 1,037
6.125%, 05/15/98 750 762
5.125%, 06/30/98 2,250 2,235
5.875%, 08/15/98 1,000 1,011
-----------
Total U. S. Treasury Obligations
(Cost $14,366,241) 14,581
-----------
CASH EQUIVALENT (4.0%)
SEI Daily Income Trust Treasury II 614 614
-----------
Total Cash Equivalent
(Cost $614,462) 614
-----------
Total Investments (98.9%)
(Cost $14,980,703) 15,195
-----------
OTHER ASSETS AND LIABILITIES (1.1%)
Total Other Assets and Liabilities 167
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization--no par value) based on 997,717
outstanding shares of beneficial interest 10,074
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fund Shares of the Investor Class (unlimited
authorization--no par value) based on 470,913
outstanding shares of beneficial interest $ 4,723
Fund Shares of the Flex Class (unlimited
authorization--no par value) based on 71,753
outstanding shares of beneficial interest 712
Accumulated net realized loss on investments (362)
Unrealized appreciation on investments 215
-----------
Total Net Assets: (100.0%) $ 15,362
-----------
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Trust Shares $ 9.97
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor
Shares $ 9.98
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($9.98 DIVIDED BY 99.00%) $ 10.08
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 9.96
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
47
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATION (67.4%)
FHLMC
6.830%, 09/29/97 $ 3,000 $ 3,071
8.000%, 06/01/02 1,814 1,866
7.000%, 10/01/02 4,772 4,852
8.000%, 12/01/02 4,737 4,852
FHLMC REMIC, Ser 1318-E
7.300%, 06/15/16 2,000 2,032
FHLMC REMIC, Ser 1637-E
5.750%, 02/15/19 2,700 2,661
FNMA REMIC, Ser 92-68J
7.500%, 10/25/05 4,200 4,277
FNMA REMIC, Ser 93-95PC
5.500%, 12/25/05 7,000 6,931
GNMA
9.000%, 11/15/17 1,860 1,974
9.000%, 11/15/17 1,826 1,939
-----------
Total U.S. Government Agency Obligation (Cost
$33,848,832) 34,455
-----------
U. S. TREASURY OBLIGATIONS (29.1%)
United States Treasury Notes
8.750%, 10/15/97 1,050 1,112
8.875%, 02/15/99 10,600 11,643
7.125%, 02/29/00 2,000 2,118
-----------
Total U S Treasury Obligations (Cost $14,519,836) 14,873
-----------
CASH EQUIVALENTS (2.8%)
SEI Liquid Asset Trust Prime Money Market
Portfolio 1,459 1,459
-----------
Total Cash Equivalents (Cost $1,458,903) 1,459
-----------
Total Investments (99.3%) (Cost $49,827,571) 50,787
-----------
OTHER ASSETS AND LIABILITIES (0.7%)
Total Other Assets and Liabilities 340
-----------
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
4,858,067 outstanding shares of beneficial
interest $ 48,562
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on 95,735
outstanding shares of beneficial interest 959
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on 68,094
outstanding shares of beneficial interest 690
Accumulated net investment loss (49)
Undistributed net realized gain on investments 6
Unrealized appreciation on investments 959
-----------
Total Net Assets: (100.0%) $ 51,127
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 10.18
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $ 10.18
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($10.18 DIVIDED BY 97.50%) $ 10.44
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $ 10.19
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
GNMA -- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
REMIC -- REAL ESTATE MORTGAGE INVESTMENT CONDUIT
SER -- SERIES
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
48
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
U.S. GOVERNMENT SECURITIES FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (63.3%)
FHLMC
Pool #E20080, 7.000%, 01/01/09 $ 158 $ 160
Pool #E57864, 7.000%, 04/01/09 561 568
Pool #E58538, 7.000%, 04/01/09 175 177
FNMA
8.750%, 12/25/20 140 150
GNMA
Pool #G2 1998, 7.500%, 10/20/09 91 92
Pool #321396, 8.250%, 01/15/12 139 145
Pool #329730, 7.000%, 11/15/22 450 451
Pool #340658, 8.000%, 02/15/23 46 47
Pool #343684, 8.500%, 03/15/23 103 108
Pool #349569, 7.500%, 04/15/23 147 150
Pool #351780, 7.500%, 09/15/23 1,005 1,027
Pool #366404, 7.000%, 01/15/24 187 188
Pool #354810, 7.500%, 04/15/24 980 1,001
Pool #385723, 7.000%, 06/15/24 969 972
Pool #403085, 8.000%, 08/15/24 122 126
Pool #398379, 8.000%, 09/15/24 33 34
Pool #404136, 8.000%, 10/15/24 51 52
Pool #408058, 8.000%, 11/15/24 48 50
Pool #403106, 8.500%, 12/15/24 96 101
Pool #396898, 8.500%, 02/15/25 45 47
-----------
Total U.S. Government Agency Obligations
(Cost $5,536,654) 5,646
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT MARKET
(000) VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U. S. TREASURY OBLIGATIONS (31.4%)
United States Treasury Bond
7.625%, 02/15/25 $ 400 $ 476
United States Treasury Notes
8.500%, 04/15/97 100 104
7.875%, 04/15/98 150 158
7.750%, 11/30/99 200 216
7.750%, 02/15/01 100 110
8.000%, 05/15/01 200 222
7.500%, 11/15/01 1,000 1,095
7.500%, 05/15/02 100 110
7.875%, 11/15/04 275 314
-----------
Total U. S. Treasury Obligations
(Cost $2,679,269) 2,805
-----------
CASH EQUIVALENTS (4.7%)
SEI Daily Income Trust Government II Portfolio 257 257
SEI Daily Income Trust Treasury II Portfolio 161 161
-----------
Total Cash Equivalents
(Cost $417,996) 418
-----------
Total Investments (99.4%)
(Cost $8,633,919) 8,869
-----------
OTHER ASSETS AND LIABILITIES (0.6%)
Total Other Assets and Liabilities 57
-----------
</TABLE>
49
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
U.S. GOVERNMENT SECURITIES FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
MARKET
VALUE (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
593,840 outstanding shares of beneficial
interest $ 5,994
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
104,413 outstanding shares of beneficial
interest 1,053
Fund Shares of the Flex Class (unlimited
authorization -- no par value) based on
155,793 outstanding shares of beneficial
interest 1,604
Undistributed net realized gain on investments 40
Unrealized appreciation on investments 235
-----------
Total Net Assets: (100.0%) $ 8,926
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $10.45
-----------
-----------
Net Asset Value and Redemption Price Per Share --
Investor Shares $10.45
-----------
-----------
Maximum Public Offering Price Per Share --
Investor Shares ($10.45 DIVIDED BY 96.25%) $10.86
-----------
-----------
Net Asset Value and Offering Price Per Share --
Flex Shares(1) $10.45
-----------
-----------
</TABLE>
(1) THE FLEX SHARES HAVE A CONTINGENT SALES CHARGE. FOR A DESCRIPTION OF A
POSSIBLE REDEMPTION CHARGE, SEE NOTES TO THE FINANCIAL STATEMENT.
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
GNMA -- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
50
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
PRIME QUALITY MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (36.2%)
American Express Credit
5.640%, 02/27/96 $ 15,000 $ 14,793
Banc One Funding
5.750%, 01/03/96 986 981
5.720%, 01/19/96 5,573 5,530
5.730%, 01/19/96 1,500 1,488
5.750%, 01/19/96 3,755 3,726
5.740%, 01/26/96 20,000 19,821
Bank of Montreal
5.777%, 01/04/96 15,000 14,918
5.710%, 01/24/96 25,000 24,786
Ford Credit Motor
5.685%, 02/22/96 19,500 19,244
General Electric Capital
5.660%, 01/31/96 10,000 9,904
Hanson
5.700%, 01/12/96 20,000 19,867
Hanson Finance UK PLC
5.780%, 01/19/96 20,000 19,843
Heller International
5.750%, 12/15/95 5,000 4,989
John Hancock Capital
5.700%, 12/28/95 12,500 12,447
5.730%, 01/11/96 16,500 16,392
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Melville
5.760%, 12/12/95 $ 35,000 $ 34,939
Norwest
5.710%, 01/24/96 20,000 19,829
Pactel Capital Resources
5.700%, 12/14/95 35,000 34,928
PHH
5.700%, 01/26/96 10,000 9,911
RTZ America
5.750%, 01/23/96 300 297
Teco Finance
5.720%, 01/26/96 19,100 18,930
US Borax & Chemical
5.710%, 01/31/96 11,000 10,894
5.700%, 02/01/96 4,200 4,159
Walmart
5.700%, 12/19/95 25,000 24,929
WMX Technologies
5.720%, 01/26/96 19,963 19,785
5.730%, 01/26/96 5,000 4,955
-----------
Total Commercial Paper
(Cost $372,284,653) 372,285
-----------
</TABLE>
51
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
PRIME QUALITY MONEY MARKET FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE OBLIGATIONS (14.1%)
AT&T Capital, MTN
6.460%, 12/08/95 $ 5,000 $ 5,000
Catepillar Financial Services, MTN
5.838%, 12/20/95 (A) 1,000 1,000
5.829%, 12/23/95 (A) 15,000 15,000
Corestates Capital
5.828%, 12/13/95 (A) 20,000 20,000
Dean Witter Discover
5.998%, 12/20/95 (A) 2,500 2,500
Dean Witter Discover, MTN
5.942%, 12/20/95 (A) 800 800
5.992%, 12/20/95 (A) 15,000 15,021
FCC National Bank
5.520%, 12/05/95 (A) 5,000 5,000
Ford Capital BV
9.000%, 06/01/96 11,345 11,509
IBM Credit, MTN
4.550%, 12/15/95 2,500 2,499
Phillip Morris
6.500%, 12/12/95 1,000 1,000
Society National Bank
5.630%, 12/05/95 (A) 20,000 19,994
Southern Bell Telephone & Telegraph
8.500%, 08/01/29 23,500 24,403
Toyota Motor Credit, MTN
5.490%, 12/05/95 (A) 16,270 16,261
5.630%, 12/05/95 (A) 2,000 1,999
Virginia Electric & Power, MTN
9.550%, 02/02/96 500 503
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Wachovia Bank, MTN
5.750%, 12/20/95 (A) $ 1,200 $ 1,200
World Savings & Loan Bank, MTN
5.625%, 01/15/96 1,190 1,189
-----------
Total Corporate Obligations
(Cost $144,878,199) 144,878
-----------
US GOVERNMENT AGENCY OBLIGATIONS (2.4%)
FNMA
4.480%, 03/07/96 (B) 10,000 9,987
SLMA
5.690%, 12/05/95 (A) 10,000 10,000
5.690%, 12/05/95 (A) 5,000 4,976
-----------
Total US Government Agency Obligations
(Cost $24,962,590) 24,963
-----------
ASSET BACKED SECURITIES (1.0%)
Olympic Auto Receivable Trust 1995-D
5.760%, 09/15/96 10,734 10,734
-----------
Total Asset Backed Securities
(Cost $10,733,622) 10,734
-----------
BANK NOTES (1.5%)
Comerica Bank of Detriot
5.830%, 12/05/95 (A) 10,000 9,982
Huntington National Bank
5.820%, 12/01/95 (A) 5,000 5,000
-----------
Total Bank Notes
(Cost $14,981,614) 14,982
-----------
</TABLE>
52
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT (6.9%)
Canadian Imperial Bank of Commerce
5.920%, 07/18/96 $ 20,500 $ 20,500
Deutsche Bank AG, New York
5.930%, 07/19/96 28,000 28,000
Swiss Bank
5.870%, 07/18/96 22,000 22,000
-----------
Total Certificates of Deposit
(Cost $70,500,000) 70,500
-----------
REPURCHASE AGREEMENT (38.0%)
Deutsche Bank
5.91%, dated 11/30/95, matures 12/01/95,
repurchase price $251,540,795
(collateralized by various FHLMC
obligations, total par value $87,851,840,
4.20%-10.947%, 12/15/97-04/01/25: FNMA
obligations, total par value $208,872,020,
0.00%-7.50%, 01/25/08-11/25/25: FHLB
obligations, total par value $3,800,000,
6.213%-8.123%, 05/04/99-07/30/99: United
States Treasury Notes, total par value
$60,991,000, 5.125%-7.25%,
08/31/96-02/28/98: and a FFCB obligation,
total par value $540,000, 4.925%, 08/06/96:
total market value $256,532,591) 251,498 251,498
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Swiss Bank
5.91%, dated 11/30/95, matures 12/01/95,
repurchase price $47,635,457 (collateralized
by various FNMA obligations, total par value
$149,671,000, 6.394%-6.50%,
11/01/09-05/01/28: and a United States
Treasury Bill, total par value $200,000,
10/17/96: total market value $ 48,642,170) $ 47,628 $ 47,628
Union Bank of Switzerland
5.91%, dated 11/30/95, matures 12/01/95,
repurchase price $90,694,797 (collateralized
by various FHLMC obligations, total par
value $21,185,000, 3.90%-7.00%,
03/15/23-02/15/24: FNMA STRIPS, total par
value $3,424,134, 0.00%-7.50%,
01/01/24-02/01/24: FNMA obligations, total
par value $220,042,542, 5.80%-6.50%,
09/25/22-01/25/24: total market value
$93,401,021) 90,680 90,680
-----------
Total Repurchase Agreement
(Cost $389,807,056) 389,806
-----------
Total Investments (100.1%)
(Cost $1,028,147,734) 1,028,148
-----------
OTHER ASSETS AND LIABILITIES (-0.1%)
Total Other Assets and Liabilities (1,023)
-----------
</TABLE>
53
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
PRIME QUALITY MONEY MARKET FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
VALUE
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund shares of the Trust Class (unlimited
authorization -- no par value) based on
831,658,723 outstanding shares of beneficial
interest $ 831,659
Fund shares of the Investor Class (unlimited
authorization -- no par value) based on
195,585,814 outstanding shares of beneficial
interest 195,586
Accumulated net realized loss (120)
-----------
Total Net Assets: (100.0%) $ 1,027,125
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 1.00
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Investor Shares $ 1.00
-----------
-----------
</TABLE>
(A) VARIABLE RATE SECURITY. THE RATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT ON 11/30/95. THE DATE SHOWN IS THE NEXT RESET DATE.
(B) VARIABLE RATE SECURITY. THE RATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT ON 11/30/95. THE DATE SHOWN IS THE STATED FINAL MATURITY
DATE.
FFCB -- FEDERAL FARM CREDIT BANK
FHLB -- FEDERAL HOME LOAN BANK
FHLMC -- FEDERAL HOME LOAN MORTGAGE CORPORATION
FNMA -- FEDERAL NATIONAL MORTGAGE ASSOCIATION
MTN -- MEDIUM TERM NOTE
PLC -- PUBLIC LIMITED COMPANY
SLMA -- STUDENT LOAN MARKETING ASSOCIATION
STRIPS -- SEPARATELY TRADED REGISTERED INTEREST AND PRINCIPAL SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
54
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
U. S. TREASURY OBLIGATIONS (36.0%)
United States Treasury Bills
5.545%, 12/21/95 $ 50,000 $ 49,845
5.600%, 12/21/95 20,000 19,938
5.630%, 12/21/95 5,000 4,984
5.640%, 12/21/95 10,000 9,969
5.665%, 12/21/95 5,000 4,984
5.420%, 01/18/96 15,000 14,892
5.360%, 07/25/96 10,000 9,647
United States Treasury Notes
5.500%, 04/30/96 5,000 4,996
7.625%, 04/30/96 5,000 5,037
5.875%, 05/31/96 10,000 10,005
6.250%, 08/31/96 10,000 10,029
-----------
Total U. S. Treasury Obligations
(Cost $144,326,256) 144,326
-----------
REPURCHASE AGREEMENT (64.4%)
Barclays
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $16,005,593 (collateralized
by various United States Treasury STRIPS,
total par value $39,681,000, 02/15/98 -
02/15/19: total market value $16,323,443) 16,003 16,003
Deutsche Bank
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $97,693,494 (collateralized
by various United States Treasury Notes, total
par value $82,535,000, 5.875% - 7.875%,
2/15/98 - 8/15/05: United States Treasury
Bills, par value $13,030,000, 3/07/96 -
4/18/96: total market value $99,631,959) 97,678 97,678
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Morgan Stanley
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $16,005,616 (collateralized by
various GNMA obligations, total par value
$19,653,564, 6.5% - 7.375%, 5/15/08 - 10/20/23:
total market value $16,348,421) $ 16,003 $ 16,003
Salomon Brothers
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $16,007,896 (collateralized
by various United States Treasury STRIPS,
total par value $64,167,000, 08/15/06 -
05/15/24: United States Treasury Note, total
par value $50,000, 4.625%, 02/29/96: total
market value $16,349,918) 16,005 16,005
Swiss Bank
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $96,005,461 (collateralized
by United States Treasury Bill, total par
value $23,620,000, matures 10/17/96: United
States Treasury Bond, total par value
$49,990,000, matures 11/15/01: total market
value $97,945,654) 95,989 95,989
</TABLE>
55
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Union Bank of Switzerland
5.86%, dated 11/30/95, matures 12/01/95,
repurchase price $16,834,338 (collateralized
by United States Treasury Note, par value
$16,930,000, 5.75%, 09/30/97: total market
value $17,171,576) $ 16,832 $ 16,832
-----------
Total Repurchase Agreement
(Cost $258,509,537) 258,510
-----------
Total Investments (100.4%)
(Cost $402,835,793) 402,836
-----------
OTHER ASSETS AND LIABILITIES (-0.4%)
Total Other Assets and Liabilities (1,615)
-----------
<CAPTION>
- --------------------------------------------------------------------------------
VALUE
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization -- no par value) based on
339,441,468 outstanding shares of beneficial
interes $ 339,441
Fund Shares of the Investor Class (unlimited
authorization -- no par value) based on
61,838,764 outstanding shares of beneficial
interest 61,839
Accumulated net realized loss on investments (59)
-----------
Total Net Assets: (100.0%) $ 401,221
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share -- Trust Shares $ 1.00
-----------
-----------
Net Asset Value, Offering Price, and Redemption
Price Per Share -- Investor Shares $ 1.00
-----------
-----------
</TABLE>
GNMA-- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
STRIPS -- SEPARATELY TRADED REGISTERED INTEREST AND PRINCIPAL SECURITY
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
56
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
TAX-EXEMPT MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (98.4%)
ALABAMA (2.0%)
Birmingham, Industrial Develpoment Revenue,
Birmingham Bolt Project, VRDN, RB
3.950%, 12/07/95 (A) (B) (C) $ 5,000 $ 5,000
McIntosh, Industrial Development Board, Ciba
Geigy Corporate Project, Ser A, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 1,400 1,400
Montgomery, Special Care Facilities, VRDN, RB
(FGIC)
3.600%, 12/07/95 (A) (B) (C) 1,700 1,700
-----------
Total Alabama 8,100
-----------
ALASKA (2.9%)
State Housing Finance, Ser C, VRDN, RB
3.750%, 12/01/95 (A) (B) (C) 10,700 10,700
Valdez, Marine Terminal Revenue, Arco
Transportation Project, Ser A, TECP
3.650%, 12/08/95 1,000 1,000
-----------
Total Alaska 11,700
-----------
ARIZONA (3.9%)
Cochise County, Pollution Control Revenue,
Electric Power Cooperative Project, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) (D) 2,000 2,000
Maricopa County, Pollution Control Authority,
Arizona Public Service Company, Ser D, RB
3.700%, 12/01/95 (A) (B) (C) 5,000 5,000
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Maricopa County, Pollution Control Authority,
Arizona Public Service Company, Ser E, VRDN,
RB
3.750%, 12/01/95 (A) (B) (C) $ 5,600 $ 5,600
Pima County, Industrial Development Revenue,
Tucson Electric Power Company Project, VRDN,
RB
3.750%, 12/07/95 (A) (B) (C) (D) 3,400 3,400
-----------
Total Arizona 16,000
-----------
CALIFORNIA (2.5%)
Contra Costa County, Multi-Family Mortgage
Revenue, Delta Square Project, Ser A, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 4,200 4,200
State Higher Education Loan Authority, Ser A,
VRDN, GO
3.650%, 12/07/95 (A) (B) (C) 1,900 1,900
State Higher Education Loan Authority, Ser A,
VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 4,300 4,300
-----------
Total California 10,400
-----------
COLORADO (2.5%)
Englewood, Multi-Family Housing Revenue, Marks
Project, Ser A, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 2,000 2,000
Moffat County, Pollution Control Authority,
Pacificorp Projects, VRDN, RB (AMBAC)
3.800%, 12/01/95 (A) (B) (C) 2,000 2,000
Northglenn, Industrial Development Revenue,
Castle Gardens Retire, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 1,200 1,200
</TABLE>
57
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
TAX-EXEMPT MONEY MARKET FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
COLORADO--CONTINUED
State Student Obligation Bond Authority, VRDN,
RB
3.750%, 12/07/95 (A) (B) (C) $ 5,000 $ 5,000
-----------
Total Colorado 10,200
-----------
DELAWARE (0.5%)
State Educational Development Authority, VRDN,
RB
4.025%, 12/07/95 (A) (B) (C) 1,875 1,875
FLORIDA (7.8%)
Jacksonville, Pollution Control Revenue, Power
and Light, Ser 1992, TECP
3.650%, 12/08/95 3,000 3,000
Monroe County, Industrial Development Authority,
Beverly Enterprises Project, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 2,300 2,300
Palm Beach County, Norton Gallery Project, VRDN,
RB
3.700%, 12/07/95 (A) (B) (C) 3,000 3,000
State Housing Finance Agency, Ashely Lake
Project II, Ser J, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) (D) 8,900 8,900
State Housing Finance Agency, Multi-Family
Housing, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 4,400 4,400
State Turnpike Authority Revenue, Ser PA-111,
VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 2,225 2,225
University of North Florida, Foundation Capital
Improvement, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 8,000 8,000
-----------
Total Florida 31,825
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
GEORGIA (2.5%)
Burke County, Pollution Control Revenue, VRDN,
RB
3.850%, 12/01/95 (A) (B) $ 1,450 $ 1,450
Cobb County, Industrial Development Revenue,
VRDN, RB
3.900%, 12/07/95 (A) (B) (C) 1,030 1,030
Fulton County, Industrial Development Authority
Revenue, American Red Cross Project, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 1,600 1,600
Lafayette, Industrial Development Authority
Revenue, Blue-Bird Company Project, Ser 1991,
VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 1,000 1,000
Medical Center Hospital Authority, Columbus
Regional Healthcare Systems, RAN (MBIA)
3.900%, 08/01/96 585 585
Metropolitan Atlanta Rapid, Tender Option
Custodial Recipient, Short Bt-70, VRDN, RB
(AMBAC)
3.700%, 12/07/95 (A) (B) (C) 2,100 2,100
Monroe County, Development Authority Industrial
Revenue, Forsyth Inns Project, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) 2,525 2,525
-----------
Total Georgia 10,290
-----------
HAWAII (2.0%)
State Housing Finance And Development, VRDN, RB
3.750%, 01/03/96 (A) (B) (C) 8,200 8,200
</TABLE>
58
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
IDAHO (0.2%)
Nez Perce County, Pollution Control Revenue,
Potlatch 84, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) $ 1,000 $ 1,000
ILLINOIS (10.8%)
Chicago, O'Hare International Airport Revenue,
Ser B, VRDN, RB
3.800%, 12/07/95 (A) (B) (C) (D) 10,000 10,000
Cook County, Tender Note-Public Safety, Ser A,
VRDN, GO
3.800%, 12/07/95 (A) (B) (C) 5,100 5,100
Du Page, Water Revenue Authority, VRDN, RB
3.770%, 12/07/95 (A) (B) 5,000 5,000
Health Facilities Authority Revenue,
Streeterville Corporation, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 2,000 2,000
Savanna, Industrial Development Revenue, Metform
Project, Ser A, VRDN, RB
3.950%, 12/07/95 (A) (B) (C) (D) 500 500
Savanna, Industrial Development Revenue, Metform
Project, Ser B, VRDN, RB
3.950%, 12/07/95 (A) (B) (C) (D) 1,400 1,400
State Educational Facilities Authority Revenue,
University of Chicago, VRDN, RB
3.770%, 12/07/95 (A) (B) (C) 10,000 10,000
State RAN
4.500%, 04/12/96 10,000 10,026
-----------
Total Illinois 44,026
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
INDIANA (4.3%)
Allen County, Industrial Economic Developement
Revenue, Mattel Power Wheels, VRDN, RB
4.100%, 12/07/95 (A) (B) (C) (D) $ 1,500 $ 1,500
Evansville, Economic Development, Ball Project,
VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 2,000 2,000
Fort Wayne, Economic Development Revenue, ND
Tech Project, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) (D) 1,000 1,000
Indiana Bond Bank Funding Program Notes, Ser
A-2, RB
5.750%, 01/10/96 5,000 5,004
Indiana Bond Bank Funding Program Notes, Ser
A-3, VRDN, RB
4.061%, 12/07/95 (A) (B) (C) 2,000 2,000
Indianapolis, Economic Development, Allied
Signal Incorporated, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) 2,000 2,000
State Finance Authority, Economic Development
Revenue, Crete Incorporated Project, VRDN, RB
3.900%, 12/07/95 (A) (B) (D) 4,300 4,300
-----------
Total Indiana 17,804
-----------
IOWA (0.6%)
West Des Moines Commercial Development,
Greyhound Lines Project, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 2,500 2,500
KENTUCKY (0.2%)
Pendleton County, Self Insurance Funding, TECP
4.000%, 07/01/96 (B) (C) 1,000 1,000
</TABLE>
59
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
TAX-EXEMPT MONEY MARKET FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
LOUISIANA (2.7%)
Calcasieu Parish Incorporated, Industrial
Development Revenue, Olin Corporation Project,
Ser B, VRDN, RB
3.750%, 12/01/95 (A) (B) (C) $ 2,000 $ 2,000
Jefferson Parish, Sara Lee Project, VRDN, RB
3.900%, 12/01/95 (A) (B) (C) (D) 2,300 2,300
Port Commission Marine Revenue, Occidental
Petroleum Project, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 6,700 6,700
-----------
Total Louisiana 11,000
-----------
MARYLAND (2.4%)
Baltimore County, Industrial Development
Revenue, Allied Signal Incorporated Project,
VRDN, RB
3.800%, 12/07/95 (A) (B) (C) 1,000 1,000
Baltimore County, Pollution Control Revenue,
Baltimore Gas & Electric, TECP
3.650%, 12/04/95 3,000 3,000
Baltimore County, TECP
3.500%, 12/05/95 6,000 6,000
-----------
Total Maryland 10,000
-----------
MICHIGAN (3.4%)
State Housing Development Authority, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) (D) 1,000 1,000
3.775%, 12/07/95 (A) (B) (C) 3,000 3,000
State Storage Tank Financial Assurance
Authority, Ser I, VRDN, RB
3.600%, 12/07/95 (A) (B) (C) 5,000 5,000
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
State Strategic Fund, Limited Obligation
Revenue, Consumers Power Company, Project A,
VRDN, RB
3.800%, 12/07/95 (A) (B) (C) $ 4,800 $ 4,800
-----------
Total Michigan 13,800
-----------
MINNESOTA (0.6%)
Minnesota School District, Tax & Aid
Anticipation Borrowing Programs Certificates,
Ser A, GO
5.100%, 03/15/96 2,500 2,501
MISSISSIPPI (0.4%)
Harrison County, E.I. Du Pont de Nemours, VRDN,
RB
3.800%, 12/01/95 (A) (B) (C) 1,500 1,500
MISSOURI (4.1%)
State Custodial Receipt Unlimited, Third State
Building, Ser A, VRDN, GO
4.000%, 12/07/95 (A) (B) (C) 2,000 2,000
State Development Revenue, Export and
Infrastructure Board, Taxable Ser A, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) 415 415
State Ecomonic Development Revenue, Export
Infrastructure Board, Milbank System Project,
Ser C, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) 200 200
State Environmental Improvment And Energy
Pollution Control Revenue, RB
4.000%, 06/01/96 (A) (B) 1,000 1,000
</TABLE>
60
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
MISSOURI--CONTINUED
State Environmental Improvment Energy Resource
Authority, Kansas City Power and Light, TECP
3.700%, 12/05/95 $ 5,000 $ 5,000
State Environmental Improvment Energy Resource
Authority, Utilicorp United Project, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) (D) 700 700
State Industrial Development Revenue, Bachman
Machine, Ser A, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) (D) 140 140
State Industrial Development Revenue, Carolyn &
Imre Balogh, Ser D, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) (D) 70 70
State Industrial Development Revenue, Excelsior
Manufacturing, Ser B, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) (D) 50 50
State Industrial Development Revenue, Milbank
Systems, Ser B, VRDN, RB
4.000%, 12/07/95 (A) (B) (C) (D) 115 115
State Industrial Development Revenue, Precision
Stainless Incorporated, Ser I
4.000%, 12/07/95 (A) (B) (C) (D) 80 80
State, Ser PA-108A, VRDN, GO
3.750%, 12/07/95 (A) (B) (C) 6,850 6,850
-----------
Total Missouri 16,620
-----------
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
NEVADA (2.5%)
Clark County, Airport Improvement Revenue, Ser
A-2, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) (D) $ 5,200 $ 5,200
Clark County, Industrial Development Revenue,
Nevada Power Company Project, Ser A, VRDN, RB
3.800%, 12/07/95 (A) (B) (C) (D) 5,000 5,000
-----------
Total Nevada 10,200
-----------
NEW HAMPSHIRE (0.2%)
State Business Finance Authority, Connecticut
Light & Power Project, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 800 800
NEW MEXICO (1.7%)
Farmington, Pollution Control Revenue, Ser C,
VRDN, RB
3.800%, 12/01/95 (A) (B) (C) (D) 2,800 2,800
State Educational Assistance Foundation, Student
Loan Revenue, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) 4,355 4,355
-----------
Total New Mexico 7,155
-----------
NEW YORK (1.2%)
State Local Government Assistance Corporation,
Ser E, VRDN, RB
3.550%, 12/07/95 (A) (B) (C) 5,000 5,000
NORTH CAROLINA (0.7%)
State Eastern Municipal Power, TECP
3.600%, 12/11/95 (C) 2,650 2,650
</TABLE>
61
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
TAX-EXEMPT MONEY MARKET FUND --CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
OHIO (0.7%)
State Air Quality Development Revenue, JMP
Funding Limited Partnership, Ser A, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) (D) $ 3,000 $ 3,000
PENNSYLVANIA (4.4%)
Allegheny County, Hospital Development Authority
Revenue, Health Center Development
Corporation, Ser B, TECP
3.750%, 12/08/95 (C) 5,000 5,000
Beaver County, Pollution Control Revenue, VRDN,
RB
3.650%, 12/01/95 (A) (B) (C) 1,000 1,000
Philadelphia School District, TRAN
4.500%, 06/28/96 3,000 3,009
Philadelphia, Ser A, TRAN
4.500%, 06/27/96 4,000 4,012
State TAN
4.500%, 06/28/96 5,000 5,022
-----------
Total Pennsylvania 18,043
-----------
RHODE ISLAND (2.7%)
State Student Loan, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) (D) 6,000 6,000
State TAN
4.500%, 06/28/96 (C) 5,000 5,024
-----------
Total Rhode Island 11,024
-----------
SOUTH CAROLINA (2.2%)
Charleston County, Hospital Facilities Revenue,
Brown Schools Charleston, VRDN, RB
3.625%, 12/07/95 (A) (B) (C) 6,100 6,100
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
York County, Pollution Control Revenue, Electric
Project, Ser NRU-84N-6, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) $ 3,000 $ 3,000
-----------
Total South Carolina 9,100
-----------
TENNESSEE (3.7%)
Covington, Industrial Development Board Revenue,
Charms Company Project, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) (D) 3,000 3,000
Hamilton County, Industrial Development
Authority Revenue, Aquarium Project, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 3,000 3,000
Memphis-Shelby County, Industrial Development
Revenue, Board Exempt Facilities, Ponderosa
Fibres American Project, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) 2,000 2,000
Metropolitan Nashville Airport Authority,
American Airlines Project, Ser A, VRDN, RB
3.850%, 12/01/95 (A) (B) (C) 1,500 1,500
Nashville & Davidson Counties, Industrial
Development Revenue, Multi-Family-Chimney Top
II, VRDN, RB
3.800%, 12/07/95 (A) (B) (C) 1,325 1,325
State School Board Authority, Higher Educational
Facilities, VRDN, BAN
3.650%, 12/07/95 (A) (B) (C) 750 750
3.650%, 12/07/95 (A) (B) (C) 1,400 1,400
</TABLE>
62
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
TENNESSEE--CONTINUED
State School Board Authority, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) $ 2,200 $ 2,200
-----------
Total Tennessee 15,175
-----------
TEXAS (10.0%)
Beaumont Health Facilities Development
Authority, VRDN, RB
3.650%, 12/07/95 (A) (B) (C) 1,350 1,350
Corpus Christi, Nueces County Marine, Reynolds
Metals, VRDN, RB
3.800%, 12/07/95 (A) (B) (C) 1,000 1,000
Harris County, Health Facilities Development,
TECP
3.650%, 12/08/95 5,000 5,000
Harris County, Housing Finance, Ser 1985, VRDN,
RB
4.025%, 12/07/95 (A) (B) (C) 1,000 1,000
Harris County, Industrial Development, Lubrizol
Project, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 1,600 1,600
Houston, Airport Revenue, TECP
3.650%, 12/06/95 (C) (D) 10,700 10,700
Northside, Independent School District, GO
4.750%, 12/01/95 1,060 1,060
Port Arthur, Naval District Star Enterprises
Project, VRDN, RB
3.800%, 12/07/95 (A) (B) (C) (D) 7,000 7,000
Sabine River, Industrial Development Authority,
Northeast Texas, Ser NRU-84Q, RB
3.800%, 02/15/96 (B) 2,000 2,000
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
State TRAN
4.750%, 08/30/96 $ 10,000 $ 10,049
-----------
Total Texas 40,759
-----------
UTAH (2.3%)
Davis County School District, TRAN
4.250%, 06/28/96 6,500 6,516
Intermountain Power Agency, Ser E, RB
3.750%, 07/01/15 3,000 3,000
-----------
Total Utah 9,516
-----------
VIRGINIA (2.2%)
Chesterfield County, Industrial Development
Authority, Allied Signal Project, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) 3,000 3,000
Commonwealth of Virginia, VRDN, GO
3.820%, 12/07/95 (A) (B) (C) 3,000 3,000
Front Royal & Warren Counties, Industrial
Development Authority, Pen Tab Industries,
VRDN, RB
4.200%, 12/07/95 (A) (B) (C) (D) 3,000 3,000
-----------
Total Virginia 9,000
-----------
WASHINGTON (1.0%)
Port Seattle, VRDN, GO
3.600%, 12/07/95 (A) (B) (C) 1,900 1,900
State Public Power Supply Authority, Bankers
Trust 105, Project #2, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) 2,000 2,000
-----------
Total Washington 3,900
-----------
</TABLE>
63
<PAGE>
STATEMENT OF NET ASSETS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995
TAX-EXEMPT MONEY MARKET FUND --CONCLUDED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
WEST VIRGINIA (1.0%)
Marshall County, Pollution Control Revenue, PPG
Industries Project, Ser 1992, VRDN, RB
3.900%, 12/07/95 (A) (B) (C) $ 2,000 $ 2,000
Marshall County, Pollution Control, Allied
Signal Project, VRDN, RB
3.850%, 12/07/95 (A) (B) (C) 2,000 2,000
-----------
Total West Virginia 4,000
-----------
WISCONSIN (3.1%)
Nekoosa, Pollution Control Revenue, Nekoosa
Paper Incorporated Project, VRDN, RB
3.700%, 12/07/95 (A) (B) (C) 9,600 9,600
State, VRDN, RB
3.750%, 12/07/95 (A) (B) (C) 3,000 3,000
-----------
Total Wisconsin 12,600
-----------
WYOMING (2.5%)
Sweetwater County, Pollution Control Revenue,
Pacificorp Project, VRDN, RB
3.800%, 12/01/95 (A) (B) (C) 3,600 3,600
<CAPTION>
- --------------------------------------------------------------------------------
FACE AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sweetwater County, Pollution Control Revenue,
VRDN, RB
3.650%, 12/07/95 (A) (B) (C) $ 6,800 $ 6,800
-----------
Total Wyoming 10,400
-----------
Total Municipal Bonds
(Cost $402,663,110) 402,663
-----------
CASH EQUIVALENTS (1.2%)
AIM Management Institutional Tax-Exempt Money
Market Portfolio 2,755 2,755
SEI Institutional Tax-Exempt Money Market
Portfolio 2,263 2,263
-----------
Total Cash Equivalents
(Cost $5,018,206) 5,018
-----------
Total Investments (99.6%) (Cost $407,681,316) $ 407,681
-----------
</TABLE>
64
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
VALUE
(000)
- --------------------------------------------------------------------------------
<S> <C> <C>
OTHER ASSETS AND LIABILITIES (0.4%)
Total Other Assets and Liabilities $ 1,628
-----------
NET ASSETS:
Fund Shares of the Trust Class (unlimited
authorization--no par value) based on
316,003,958 outstanding shares of beneficial
interest 316,004
Fund Shares of the Investor Class (unlimited
authorization--no par value) based on
93,324,282 outstanding shares of beneficial
interest 93,324
Accumulated net realized loss on investments (19)
-----------
Total Net Assets: (100.0%) $ 409,309
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share-- Trust Shares $ 1.00
-----------
-----------
Net Asset Value, Offering Price and Redemption
Price Per Share-- Investor Shares $ 1.00
-----------
-----------
<CAPTION>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<S> <C> <C>
</TABLE>
(A) VARIABLE RATE SECURITY. THE RATE REPORTED ON THE STATEMENT OF NET ASSETS IS
THE RATE IN EFFECT ON 05/31/95. THE DATE SHOWN IS THE NEXT RESET DATE.
(B) PUT AND DEMAND FEATURES EXIST REQUIRING THE ISSUER TO REPURCHASE THE
INSTRUMENT PRIOR TO MATURITY. THE MATURITY DATE IS THE NEXT RESET DATE.
(C) SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT ISSUED BY A MAJOR
BANK.
(D) INCOME ON BOND MAY BE SUBJECT TO ALTERNATIVE MINIMUM TAX.
BAN -- BOND ANTICIPATION NOTE
ETM -- ESCROW TO MATURITY
GO -- GENERAL OBLIGATION
RAN -- REVENUE ANTICIPATION NOTE
RB -- REVENUE BOND
SER -- SERIES
TAN -- TAX ANTICPATION NOTE
TECP -- TAX EXEMPT COMMERCIAL PAPER
TRAN -- TAX & REVENUE ANTICIPATION NOTE
VRDN -- VARIABLE RATE DEMAND NOTE
THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR CERTAIN
SECURITIES AS DEFINED IN THE STATEMENT OF NET ASSETS:
AMBAC -- AMERICAN MUNICIPAL BOND ASSURANCE COMPANY
FGIC -- FINANCIAL GUARANTY INSURANCE CORPORATION
MBIA -- MUNICIPAL BOND INSURANCE ASSOCIATION
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
65
<PAGE>
STATEMENT OF OPERATIONS (000)
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
VALUE INCOME AGGRESSIVE CAPITAL
STOCK FUND GROWTH FUND GROWTH FUND
------------ ----------- ------------
06/01/95- 06/01/95- 06/01/95-
11/30/95 11/30/95 11/30/95
------------ ----------- ------------
<S> <C> <C> <C>
Interest Income..................................................... $ 1,754 $ 789 $ 2,185
Dividend Income..................................................... 19,998 876 10,378
Less Foreign Taxes Withheld......................................... -- -- --
------------ ----------- ------------
Total Investment Income......................................... 21,752 1,665 12,563
------------ ----------- ------------
Expenses:
Investment Advisory Fees............................................ 4,395 990 6,744
Investment Advisory Fees Waived..................................... -- (141) (650)
Administrator Fees.................................................. 401 63 428
Administrator Fees Waived........................................... -- -- --
Custody Fees........................................................ 14 7 24
Transfer Agent Fees -- Trust Class of Shares........................ 8 8 8
Transfer Agent Fees -- Investor Class of Shares..................... 58 21 107
Transfer Agent Fees -- Flex Class of Shares......................... 6 6 6
Transfer Agent Out of Pocket Fees................................... 27 5 52
Professional Fees................................................... 19 6 22
Trustee Fees........................................................ 8 2 12
Registration Fees................................................... 43 17 42
Distribution Fees -- Investor....................................... 165 23 571
Distribution Fees Waived -- Investor................................ (16) (1) (141)
Distribution Fees -- Flex........................................... 28 5 11
Distribution Fees Waived -- Flex.................................... (4) (6) (6)
Printing Expenses................................................... 50 8 33
Insurance and Other Fees............................................ 17 3 23
Amortization of Deferred Organization Costs......................... 7 2 5
------------ ----------- ------------
Total Expenses.................................................. 5,226 1,018 7,291
------------ ----------- ------------
Net Investment Income (Loss).................................. 16,526 647 5,272
------------ ----------- ------------
Net Realized Gain on Securities Sold................................ 71,518 13,805 93,378
Net Realized Gain on Foreign Currency Transactions.................. -- -- --
Net Change in Unrealized Depreciation on Foreign Currency and
Translation of Other Assets and Liabilities in Foreign Currency... -- -- --
Net Change in Unrealized Appreciation (Depreciation) on
Investments....................................................... 45,691 10,105 63,276
------------ ----------- ------------
Net Realized and Unrealized Gain on Investments............... 117,209 23,910 156,654
------------ ----------- ------------
Increase in Net Assets Resulting from Operations...................... $ 133,735 $ 24,557 $ 161,926
------------ ----------- ------------
------------ ----------- ------------
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
66
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
INTERNATIONAL INVESTMENT GRADE FLORIDA TENNESSEE
EQUITY INDEX SUNBELT TAX-EXEMPT BOND TAX-EXEMPT TAX-EXEMPT
BALANCED FUND FUND EQUITY FUND FUND BOND FUND BOND FUND
------------- ------------- ------------- ---------------- ---------- ----------
06/01/95- 06/01/95- 06/01/95- 06/01/95- 06/01/95- 06/01/95-
11/30/95 11/30/95 11/30/95 11/30/95 11/30/95 11/30/95
------------- ------------- ------------- ---------------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$1,559 $ 61 $ 192 $3,301 $ 571 $ 96
478 895 1,224 -- -- --
-- (84) -- -- -- --
------ ----- ------------- ------ ---------- ---
2,037 872 1,416 3,301 571 96
------ ----- ------------- ------ ---------- ---
467 463 1,804 509 72 12
(71) (84) (200) (85) (34) (21)
36 37 114 50 8 1
-- (3) -- -- -- --
3 72 8 3 1 --
8 9 8 8 8 8
8 9 28 22 7 7
6 7 6 6 6 6
4 5 13 8 2 1
3 4 9 4 2 --
1 1 2 1 -- --
2 8 4 12 4 1
6 7 51 89 4 1
(1) (4) (3) (35) (1) --
4 2 3 13 5 4
(6) -- (7) (8) (7) (4)
2 3 10 3 2 --
2 12 6 3 -- --
2 3 2 6 -- --
------ ----- ------------- ------ ---------- ---
476 551 1,858 609 79 16
------ ----- ------------- ------ ---------- ---
1,561 321 (442) 2,692 492 80
------ ----- ------------- ------ ---------- ---
4,952 786 20,561 4,128 96 9
-- 25 -- -- -- --
-- (11) -- -- -- --
3,237 (272) 27,379 (445) 612 80
------ ----- ------------- ------ ---------- ---
8,189 528 47,940 3,683 708 89
------ ----- ------------- ------ ---------- ---
$9,750 $ 849 $47,498 $6,375 $1,200 $169
------ ----- ------------- ------ ---------- ---
------ ----- ------------- ------ ---------- ---
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
67
<PAGE>
STATEMENT OF OPERATIONS (000)(concluded)
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
GEORGIA INVESTMENT
TAX-EXEMPT GRADE BOND SHORT-TERM
BOND FUND FUND BOND FUND
----------- ----------- -----------
06/01/95- 06/01/95- 06/01/95-
11/30/95 11/30/95 11/30/95
----------- ----------- -----------
<S> <C> <C> <C>
Interest Income..................................................... $465 $20,134 $2,224
Dividend Income..................................................... -- -- --
--- ----------- -----------
Total Investment Income......................................... 465 20,134 2,224
--- ----------- -----------
Expenses:
Investment Advisory Fees............................................ 59 2,214 232
Investment Advisory Fees Waived..................................... (28) (346) (71)
Administrator Fees.................................................. 7 218 26
Administrator Fees Waived........................................... -- -- --
Custody Fees........................................................ 1 17 3
Transfer Agent Fees -- Trust Class of Shares........................ 8 8 8
Transfer Agent Fees -- Investor Class of Shares..................... 7 28 7
Transfer Agent Fees -- Flex Class of Shares......................... 6 6 6
Transfer Agent Out of Pocket Fees................................... 2 26 4
Professional Fees................................................... 1 16 3
Trustee Fees........................................................ -- 9 1
Registration Fees................................................... 1 54 8
Distribution Fees -- Investor....................................... 3 74 3
Distribution Fees Waived -- Investor................................ (1) (42) --
Distribution Fees -- Flex........................................... 7 6 1
Distribution Fees Waived -- Flex.................................... (7) (7) (6)
Printing Expenses................................................... 1 25 4
Insurance and Other Fees............................................ -- 10 2
Amortization of Deferred Organization Costs......................... -- 5 4
--- ----------- -----------
Total Expenses.................................................. 67 2,321 235
--- ----------- -----------
Net Investment Income......................................... 398 17,813 1,989
--- ----------- -----------
Net Realized Gain on Securities Sold................................ 167 14,548 901
Net Change in Unrealized Appreciation on Investments................ 293 451 87
--- ----------- -----------
Net Realized and Unrealized Gain on Investments............... 460 14,999 988
--- ----------- -----------
Increase in Net Assets Resulting from Operations...................... $858 $32,812 $2,977
--- ----------- -----------
--- ----------- -----------
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
68
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
SHORT-TERM PRIME U.S. GOVERNMENT TAX-EXEMPT
U.S. TREASURY LIMITED-TERM QUALITY SECURITIES MONEY
SECURITIES FEDERAL MORTGAGE U.S. GOVERNMENT MONEY MARKET MONEY MARKET MARKET
FUND SECURITIES FUND SECURITIES FUND FUND FUND FUND
------------- ---------------- --------------- ------------ --------------- ----------
06/01/95- 06/01/95- 06/01/95- 06/01/95- 06/01/95- 06/01/95-
11/30/95 11/30/95 11/30/95 11/30/95 11/30/95 11/30/95
------------- ---------------- --------------- ------------ --------------- ----------
<C> <C> <C> <C> <C> <C>
$524 $1,608 $265 $29,187 $11,798 $7,444
-- -- -- -- -- --
--- ------ --- ------------ ------- ----------
524 1,608 265 29,187 11,798 7,444
--- ------ --- ------------ ------- ----------
54 152 29 3,224 1,309 1,072
(34) (60) (32) (742) (268) (360)
6 17 3 362 147 142
-- -- -- (152) (23) --
1 4 6 21 10 13
8 8 8 8 8 8
7 6 6 23 11 10
6 6 6 -- -- --
2 3 1 30 12 10
2 4 -- 28 14 13
-- 1 1 8 5 3
2 4 1 46 3 58
6 1 1 174 48 64
(1) -- -- (56) (28) (31)
1 2 5 -- -- --
(6) (7) (7) -- -- --
1 4 1 39 14 17
-- 2 -- 5 2 4
4 7 6 5 6 5
--- ------ --- ------------ ------- ----------
59 154 35 3,023 1,270 1,028
--- ------ --- ------------ ------- ----------
465 1,454 230 26,164 10,528 6,416
--- ------ --- ------------ ------- ----------
18 273 35 82 40 4
39 49 105 -- -- --
--- ------ --- ------------ ------- ----------
57 322 140 82 40 4
--- ------ --- ------------ ------- ----------
$522 $1,776 $370 $26,246 $10,568 $6,420
--- ------ --- ------------ ------- ----------
--- ------ --- ------------ ------- ----------
</TABLE>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.
69
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000)
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
VALUE INCOME STOCK FUND AGGRESSIVE GROWTH FUND CAPITAL GROWTH FUND
----------------------------- ----------------------------- -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/01/94- 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income (Loss)...... $ 16,526 $ 27,417 $ 647 $ 848 $ 5,272 $ 13,878
Net Realized Gain on
Investments..................... 71,518 63,692 13,805 3,443 93,378 (25,085)
Net Realized Gain on Foreign
Currency Transactions........... -- -- -- -- -- --
Net Change in Unrealized
Depreciation on Foreign Currency
and Translation of Other Assets
and Liabilities in Foreign
Currency........................ -- -- -- -- -- --
Net Change in Unrealized
Appreciation (Depreciation) on
Investments..................... 45,691 72,296 10,105 9,545 63,276 81,722
------------- ------------- ------------- ------------- ------------- -------------
Increase in Net Assets from
Operations................... 133,735 163,405 24,557 13,836 161,926 70,515
------------- ------------- ------------- ------------- ------------- -------------
Distributions to Shareholders:
Net Investment Income:
Trust Shares.................... (14,177) (23,754) (560) (718) (5,631) (11,234)
Investor Shares................. (1,242) (1,920) (19) (14) (397) (928)
Flex Shares..................... (57) -- (1) -- (5) --
Capital Gains:
Trust Shares.................... -- (38,976) -- -- -- (30,893)
Investor Shares................. -- (3,570) -- -- -- (5,364)
Flex Shares..................... -- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Total Distributions........... (15,476) (68,220) (580) (732) (6,033) (48,419)
------------- ------------- ------------- ------------- ------------- -------------
Share Transactions:
Trust Shares:
Proceeds from Shares Issued..... 108,946 468,283 52,593 86,594 64,607 394,468
Reinvestment of Cash
Distributions.................. 11,641 58,468 399 546 4,715 40,271
Cost of Shares Repurchased...... (183,395) (195,046) (10,458) (31,035) (194,556) (362,047)
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets
From Trust Share Transactions... (62,808) 331,705 42,534 56,105 (125,234) 72,692
------------- ------------- ------------- ------------- ------------- -------------
Investor Shares:
Proceeds from Shares Issued..... 12,920 32,292 5,072 4,519 8,957 25,080
Reinvestment of Cash
Distributions.................. 1,203 5,319 20 14 380 6,057
Cost of Shares Repurchased...... (7,764) (13,939) (595) (875) (19,243) (43,510)
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets
From Investor Share
Transactions.................... 6,359 23,672 4,497 3,658 (9,906) (12,373)
------------- ------------- ------------- ------------- ------------- -------------
Flex Shares:
Proceeds from Shares Issued..... 10,834 -- 2,279 -- 4,672 --
Reinvestment of Cash
Distributions.................. 56 -- 1 -- 5 --
Cost of Shares Repurchased...... (210) -- (108) -- (100) --
------------- ------------- ------------- ------------- ------------- -------------
Increase in Net Assets From Flex
Share Transactions.............. 10,680 -- 2,172 -- 4,577 --
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net
Assets From Share
Transactions................... (45,769) 355,377 49,203 59,763 (130,563) 60,319
------------- ------------- ------------- ------------- ------------- -------------
Total Increase (Decrease) in
Net Assets................... 72,490 450,562 73,180 72,867 25,330 82,415
------------- ------------- ------------- ------------- ------------- -------------
Net Assets:
Beginning of Period............... 1,084,233 633,671 132,907 60,040 1,145,080 1,062,665
------------- ------------- ------------- ------------- ------------- -------------
End of Period..................... $1,156,723 $1,084,233 $206,087 $132,907 $1,170,410 $1,145,080
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
Shares Issued and Redeemed:
Trust Shares:
Shares Issued................... 9,038 43,588 4,319 8,666 4,997 33,987
Shares Issued in Lieu of Cash
Distributions.................. 972 5,715 33 54 366 3,668
Shares Redeemed................. (15,303) (18,063) (861) (3,090) (14,921) (31,242)
------------- ------------- ------------- ------------- ------------- -------------
Net Trust Share
Transactions................. (5,293) 31,240 3,491 5,630 (9,558) 6,413
------------- ------------- ------------- ------------- ------------- -------------
Investor Shares:
Shares Issued................... 1,074 2,985 419 448 690 2,153
Shares Issued in Lieu of Cash
Distributions.................. 100 521 2 1 29 555
Shares Redeemed................. (644) (1,297) (49) (86) (1,477) (3,751)
------------- ------------- ------------- ------------- ------------- -------------
Net Investor Share
Transactions................. 530 2,209 372 363 (758) (1,043)
------------- ------------- ------------- ------------- ------------- -------------
Flex Shares:
Shares Issued................... 901 -- 186 -- 358 --
Shares Issued in Lieu of Cash
Distributions.................. 4 -- -- -- -- --
Shares Redeemed................. (17) -- (9) -- (7) --
------------- ------------- ------------- ------------- ------------- -------------
Net Flex Share Transactions... 888 -- 177 -- 351 --
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
</TABLE>
*Commencement of operations.
Amounts designated as "--" are either $0 or have been rounded to $0.
70
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
INTERNATIONAL INVESTMENT GRADE TAX-EXEMPT
BALANCED FUND EQUITY INDEX FUND SUNBELT EQUITY FUND BOND FUND
----------------------------- ------------------------------ ----------------------------- -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/06/94*- 06/01/95- 06/01/94- 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 1,561 $ 2,894 $ 321 $ 583 $ (442) $ (390) $ 2,692 $ 4,295
4,952 (2,649) 786 28 20,561 (10,446) 4,128 2,511
-- -- 25 42 -- -- -- --
-- -- (11) 3 -- -- -- --
3,237 7,258 (272) 2,605 27,379 20,987 (445) 3,246
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
9,750 7,503 849 3,261 47,498 10,151 6,375 10,052
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
(1,519) (2,702) -- (143) -- -- (1,929) (2,582)
(60) (97) -- (4) -- -- (772) (1,658)
(9) -- -- -- -- -- (42) --
-- -- -- (31) -- (999) -- (17)
-- -- -- (2) -- (89) -- (11)
-- -- -- -- -- -- -- --
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
(1,588) (2,799) -- (180) -- (1,088) (2,743) (4,268)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
22,713 44,516 30,059 96,472 39,402 168,189 36,946 51,898
1,499 2,692 -- 115 -- 948 666 1,220
(27,930) (53,242) (16,560) (10,101) (41,779) (46,896) (6,660) (23,091)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
(3,718) (6,034) 13,499 86,486 (2,377) 122,241 30,952 30,027
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
681 2,054 1,346 4,324 1,824 10,546 2,795 6,818
59 93 -- 5 -- 89 542 1,410
(424) (891) (692) (490) (3,000) (5,208) (4,625) (14,915)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
316 1,256 654 3,839 (1,176) 5,427 (1,288) (6,687)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
1,653 -- 697 -- 1,124 -- 4,946 --
9 -- -- -- -- -- 29 --
(19) -- (11) -- (28) -- (808) --
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
1,643 -- 686 -- 1,096 -- 4,167 --
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
(1,759) (4,778) 14,839 90,325 (2,457) 127,668 33,831 23,340
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
6,403 (74) 15,688 93,406 45,041 136,731 37,463 29,124
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
92,816 92,890 93,406 -- 281,088 144,357 119,901 90,777
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
$ 99,219 $ 92,816 $109,094 $ 93,406 $326,129 $281,088 $157,364 $119,901
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
2,138 4,636 2,879 9,758 3,532 17,356 3,246 4,811
142 283 -- 12 -- 96 59 113
(2,618) (5,520) (1,580) (1,035) (3,726) (4,848) (587) (2,168)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
(338) (601) 1,299 8,735 (194) 12,604 2,718 2,756
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
64 212 130 438 165 1,095 246 630
5 10 -- 1 -- 9 48 131
(40) (92) (67) (51) (274) (537) (407) (1,389)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
29 130 63 388 (109) 567 (113) (628)
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
155 -- 67 -- 100 -- 437 --
1 -- -- -- -- -- 2 --
(2) -- (1) -- (3) -- (71) --
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
154 -- 66 -- 97 -- 368 --
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- -------------- ------------- ------------- ------------- -------------
<CAPTION>
FLORIDA TENNESSEE
TAX-EXEMPT BOND FUND TAX-EXEMPT BOND FUND
----------------------------- -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
$ 492 $ 395 $ 80 $ 103
96 85 9 (11)
-- -- -- --
-- -- -- --
612 421 80 99
------------- ------------- ------ ------
1,200 901 169 191
------------- ------------- ------ ------
(390) (264) (39) (45)
(81) (130) (26) (58)
(20) -- (15) --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------ ------
(491) (394) (80) (103)
------------- ------------- ------ ------
12,611 8,390 214 1,263
54 83 16 29
(1,636) (1,914) (122) (274)
------------- ------------- ------ ------
11,029 6,559 108 1,018
------------- ------------- ------ ------
1,160 1,793 320 398
46 97 14 45
(414) (990) (193) (436)
------------- ------------- ------ ------
792 900 141 7
------------- ------------- ------ ------
2,125 -- 1,158 --
10 -- 11 --
(57) -- (34) --
------------- ------------- ------ ------
2,078 -- 1,135 --
------------- ------------- ------ ------
13,899 7,459 1,384 1,025
------------- ------------- ------ ------
14,608 7,966 1,473 1,113
------------- ------------- ------ ------
13,438 5,472 2,834 1,721
------------- ------------- ------ ------
$28,046 $13,438 $4,307 $2,834
------------- ------------- ------ ------
------------- ------------- ------ ------
1,239 857 22 137
5 9 2 3
(160) (199) (13) (29)
------------- ------------- ------ ------
1,084 667 11 111
------------- ------------- ------ ------
113 183 33 43
5 10 2 5
(41) (101) (20) (47)
------------- ------------- ------ ------
77 92 15 1
------------- ------------- ------ ------
207 -- 122 --
1 -- 1 --
(5) -- (4) --
------------- ------------- ------ ------
203 -- 119 --
------------- ------------- ------ ------
------------- ------------- ------ ------
</TABLE>
71
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) (concluded)
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995
<TABLE>
<CAPTION>
GEORGIA INVESTMENT GRADE BOND FUND
TAX-EXEMPT BOND FUND SHORT-TERM BOND FUND
----------------------------- ----------------------------- -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/01/94- 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Operations:
Net Investment Income............. $ 398 $ 598 $ 17,813 $ 32,705 $ 1,989 $ 2,786
Net Realized Gain (Loss) on
Investments..................... 167 (92) 14,548 (17,663) 901 (854)
Net Change in Unrealized
Appreciation on Investments..... 293 488 451 38,279 87 2,073
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net
Assets from Operations....... 858 994 32,812 53,321 2,977 4,005
------------- ------------- ------------- ------------- ------------- -------------
Distributions to Shareholders:
Net Investment Income:
Trust Shares.................... (305) (459) (16,941) (30,731) (1,921) (2,639)
Investor Shares................. (71) (137) (967) (1,979) (68) (144)
Flex Shares..................... (25) -- (29) -- (7) --
Capital Gains:
Trust Shares.................... -- -- -- (181) -- --
Investor Shares................. -- -- -- (12) -- --
Flex Shares..................... -- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Total Distributions........... (401) (596) (17,937) (32,903) (1,996) (2,783)
------------- ------------- ------------- ------------- ------------- -------------
Share Transactions:
Trust Shares:
Proceeds from Shares Issued..... 4,478 12,139 81,473 209,252 21,267 34,765
Reinvestment of Cash
Distributions.................. 59 107 12,311 28,634 1,152 1,886
Cost of Shares Repurchased...... (2,993) (3,723) (55,531) (174,411) (13,090) (11,630)
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets
From Trust Share Transactions... 1,544 8,523 38,253 63,475 9,329 25,021
------------- ------------- ------------- ------------- ------------- -------------
Investor Shares:
Proceeds from Shares Issued..... 289 1,052 3,328 6,058 212 1,244
Reinvestment of Cash
Distributions.................. 47 104 694 1,695 40 110
Cost of Shares Repurchased...... (227) (1,260) (2,850) (10,879) (484) (1,189)
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets
From Investor Share
Transactions.................... 109 (104) 1,172 (3,126) (232) 165
------------- ------------- ------------- ------------- ------------- -------------
Flex Shares:
Proceeds from Shares Issued..... 2,281 -- 2,185 -- 579 --
Reinvestment of Cash
Distributions.................. 18 -- 19 -- 4 --
Cost of Shares Repurchased...... (82) -- (111) -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Increase in Net Assets From Flex
Share Transactions.............. 2,217 -- 2,093 -- 583 --
------------- ------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net
Assets From Share
Transactions................... 3,870 8,419 41,518 60,349 9,680 25,186
------------- ------------- ------------- ------------- ------------- -------------
Total Increase (Decrease) in
Net Assets................... 4,327 8,817 56,393 80,767 10,661 26,408
------------- ------------- ------------- ------------- ------------- -------------
Net Assets:
Beginning of Period............... 16,455 7,638 577,080 496,313 63,561 37,153
------------- ------------- ------------- ------------- ------------- -------------
End of Period..................... $20,782 $16,455 $633,473 $ 577,080 $ 74,222 $ 63,561
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
Shares Issued and Redeemed:
Trust Shares:
Shares Issued................... 463 1,295 7,907 21,353 2,132 3,561
Shares Issued in Lieu of Cash
Distributions.................. 6 11 1,197 2,923 115 193
Shares Redeemed................. (311) (398) (5,398) (17,890) (1,306) (1,201)
------------- ------------- ------------- ------------- ------------- -------------
Net Trust Share
Transactions................. 158 908 3,706 6,386 941 2,553
------------- ------------- ------------- ------------- ------------- -------------
Investor Shares:
Shares Issued................... 30 113 323 618 21 128
Shares Issued in Lieu of Cash
Distributions.................. 5 11 68 173 4 11
Shares Redeemed................. (24) (135) (277) (1,115) (48) (121)
------------- ------------- ------------- ------------- ------------- -------------
Net Investor Share
Transactions................. 11 (11) 114 (324) (23) 18
------------- ------------- ------------- ------------- ------------- -------------
Flex Shares:
Shares Issued................... 237 -- 212 -- 58 --
Shares Issued in Lieu of Cash
Distributions.................. 2 -- 2 -- -- --
Shares Redeemed................. (9) -- (11) -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Net Flex Share Transactions... 230 -- 203 -- 58 --
------------- ------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- ------------- -------------
</TABLE>
*Commencement of operations
Amounts designated as "--" are either $0 or have been rounded to $0.
72
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
SHORT-TERM U.S. TREASURY LIMITED-TERM FEDERAL U.S. GOVERNMENT SECURITIES PRIME QUALITY
SECURITIES FUND MORTGAGE SECURITIES FUND FUND MONEY MARKET FUND
----------------------------- ------------------------------ ------------------------------ -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/07/94*- 06/01/95- 06/09/94* 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- -------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$ 465 $ 679 $ 1,454 $ 1,515 $ 230 $ 69 $ 26,164 $ 38,348
18 (160) 273 (267) 35 6 82 71
39 375 49 910 105 130 -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
522 894 1,776 2,158 370 205 26,246 38,419
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
(279) (415) (1,404) (1,573) (185) (54) (21,672) (32,217)
(182) (264) (23) (8) (22) (15) (4,490) (6,118)
(4) -- (10) -- (23) -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
(465) (679) (1,437) (1,581) (230) (69) (26,162) (38,335)
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
2,091 7,487 11,180 50,881 4,679 3,385 1,010,645 2,066,213
161 271 852 1,254 37 15 551 538
(1,939) (11,026) (4,726) (10,879) (1,898) (224) (978,911) (1,851,031)
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
313 (3,268) 7,306 41,256 2,818 3,176 32,285 215,720
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
483 4,263 409 633 651 562 543,734 1,019,462
151 260 16 7 12 8 3,547 5,689
(3,097) (2,291) (79) (27) (179) (2) (509,330) (996,964)
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
(2,463) 2,232 346 613 484 568 37,951 28,187
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
711 -- 775 -- 1,651 -- -- --
1 -- 6 -- 11 -- -- --
-- -- (91) -- (58) -- -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
712 -- 690 -- 1,604 -- -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
(1,438) (1,036) 8,342 41,869 4,906 3,744 70,236 243,907
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
(1,381) (821) 8,681 42,446 5,046 3,880 70,320 243,991
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
16,743 17,564 42,446 -- 3,880 -- 956,805 712,814
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
$15,362 $ 16,743 $51,127 $ 42,446 $ 8,926 $3,880 $1,027,125 $ 956,805
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
210 765 1,105 5,110 454 342 1,010,645 2,066,213
16 28 84 126 4 2 551 538
(195) (1,122) (466) (1,101) (185) (23) (978,911) (1,851,031)
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
31 (329) 723 4,135 273 321 32,285 215,720
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
48 433 40 64 63 56 543,734 1,019,462
15 27 2 1 1 1 3,547 5,689
(311) (234) (8) (3) (17) -- (509,330) (996,964)
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
248 226 34 62 47 57 37,951 28,187
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
72 -- 76 -- 160 160 -- --
-- -- 1 -- 1 1 -- --
-- -- (9) -- (5) (5) -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
72 -- 68 -- 156 156 -- --
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
------------- ------------- ------------- -------------- ------------- ------ ------------- -------------
<CAPTION>
U.S. GOVERNMENT SECURITIES TAX-EXEMPT
MONEY MARKET FUND MONEY MARKET FUND
----------------------------- -----------------------------
06/01/95- 06/01/94- 06/01/95- 06/01/94-
11/30/95 05/31/95 11/30/95 05/31/95
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
$ 10,528 $ 15,936 $ 6,416 $ 8,400
40 (98) 4 (14)
-- -- -- --
------------- ------------- ------------- -------------
10,568 15,838 6,420 8,386
------------- ------------- ------------- -------------
(9,102) (14,171) (5,037) (6,323)
(1,426) (1,765) (1,376) (2,044)
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------- -------------
(10,528) (15,936) (6,413) (8,367)
------------- ------------- ------------- -------------
518,914 1,082,598 281,114 493,579
9 14 3 1
(613,673) (957,634) (180,543) (422,164)
------------- ------------- ------------- -------------
(94,750) 124,978 100,574 71,416
------------- ------------- ------------- -------------
120,993 338,408 111,245 235,805
1,116 1,594 1,076 1,523
(106,928) (325,755) (106,653) (211,360)
------------- ------------- ------------- -------------
15,181 14,247 5,668 25,968
------------- ------------- ------------- -------------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------- -------------
-- -- -- --
------------- ------------- ------------- -------------
(79,569) 139,225 106,242 97,384
------------- ------------- ------------- -------------
(79,529) 139,127 106,249 97,403
------------- ------------- ------------- -------------
480,750 341,623 303,060 205,657
------------- ------------- ------------- -------------
$ 401,221 $ 480,750 $ 409,309 $ 303,060
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
518,914 1,082,598 281,114 493,579
9 14 3 1
(613,673) (957,634) (180,543) (422,164)
------------- ------------- ------------- -------------
(94,750) 124,978 100,574 71,416
------------- ------------- ------------- -------------
120,993 338,408 111,245 235,805
1,116 1,594 1,076 1,523
(106,928) (325,755) (106,653) (211,360)
------------- ------------- ------------- -------------
15,181 14,247 5,668 25,968
------------- ------------- ------------- -------------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------- -------------
-- -- -- --
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
73
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995.
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ---------- ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
VALUE INCOME STOCK FUND
Trust Shares
1996** $11.59 $ 0.19 $ 1.29 $(0.17) --
1995 10.54 0.32 1.56 (0.32) $(0.51)
1994 10.23 0.29 0.70 (0.32) (0.36)
1993(1) 10.00 0.11 0.16 (0.04) --
Investor Shares
1996** $11.58 $ 0.16 $ 1.29 $(0.15) --
1995 10.52 0.28 1.56 (0.27) $(0.51)
1994 10.23 0.26 0.67 (0.27) (0.37)
1993(2) 9.73 0.09 0.44 (0.03) --
Flex Shares
1996(3)** $11.59 $ 0.15 $ 1.26 $(0.15) --
AGGRESSIVE GROWTH FUND
Trust Shares
1996** $11.00 $ 0.04 $ 1.78 $(0.04) --
1995 9.85 0.08 1.15 (0.08) --
1994(4) 10.00 0.02 (0.16) (0.01) --
Investor Shares
1996** $10.99 $ 0.01 $ 1.78 $(0.02) --
1995 9.84 0.03 1.15 (0.03) --
1994(5) 10.00 0.01 (0.17) -- --
Flex Shares
1996(6)** $11.13 $ 0.01 $ 1.61 $(0.02) --
CAPITAL GROWTH FUND
Trust Shares
1996** $12.18 $ 0.06 $ 1.75 $(0.07) --
1995 11.99 0.16 0.57 (0.14) $(0.40)
1994 11.95 0.16 0.31 (0.17) (0.26)
1993(7) 10.36 0.12 1.57 (0.10) --
Investor Shares
1996** $12.17 $ 0.02 $ 1.75 $(0.03) --
1995 11.98 0.09 0.57 (0.07) $(0.40)
1994 11.93 0.09 0.31 (0.09) (0.26)
1993(8) 10.00 0.06 1.93 (0.06) --
Flex Shares
1996(3)** $12.20 $ 0.03 $ 1.71 $(0.05) --
BALANCED FUND
Trust Shares
1996** $10.26 $ 0.18 $ 0.90 $(0.18) --
1995 9.76 0.33 0.49 (0.32) --
1994(9) 10.00 0.11 (0.29) (0.06) --
Investor Shares
1996** $10.30 $ 0.15 $ 0.90 $(0.16) --
1995 9.79 0.28 0.51 (0.28) --
1994(10) 10.00 0.03 (0.24) -- --
Flex Shares
1996(11)** $10.36 $ 0.13 $ 0.80 $(0.14) --
INTERNATIONAL EQUITY INDEX FUND
Trust Shares
1996** $10.24 $ 0.02 $ 0.08 -- --
1995(12) 10.00 0.08 0.19 $(0.02) $(0.01)
Investor Shares
1996** $10.20 $ 0.01 $ 0.07 -- --
1995(12) 10.00 0.05 0.17 $(0.01) $(0.01)
Flex Shares
1996(13)** $10.18 $(0.02) $ 0.13 -- --
</TABLE>
* Annualized, total return figures do not reflect applicable sales loads.
** For the six-month period ending November 30, 1995
+ Cumulative since inception, total return figures do not reflect applicable
sales loads.
(1) The Value Income Stock Fund Trust Shares commenced operations on February
12, 1993.
(2) The Value Income Stock Fund Investor Shares commenced operations on
February 17, 1993.
(3) The Value Income Stock Fund Flex Shares and the Capital Growth Fund Flex
Shares commenced operations on June 2, 1995.
(4) The Aggressive Growth Fund Trust Shares commenced operations on February
2, 1994.
(5) The Aggressive Growth Fund Investor Shares commenced operations on
February 1, 1994.
(6) The Aggressive Growth Fund Flex Shares commenced operations on June 6,
1995.
74
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSET NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
VALUE END TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- --------- -------- ------------ ------------------ ------------------ ------------------- ------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
$12.90 33.46%* $1,035,827 0.91%* 3.05%* 0.91%* 3.05%* 57.41%
11.59 19.06% 991,977 0.95% 3.16% 0.95% 3.16% 125.71%
10.54 9.95% 573,082 0.88% 3.21% 0.97% 3.12% 149.28%
10.23 9.05%* 137,761 0.80%* 4.32%* 0.96%* 4.16%* 34.71%
$12.88 32.93%* $ 109,484 1.30%* 2.66%* 1.35%* 2.61%* 57.41%
11.58 18.71% 92,256 1.30% 2.80% 1.41% 2.69% 125.71%
10.52 9.27% 60,589 1.25% 2.80% 1.44% 2.61% 149.28%
10.23 19.42%* 24,779 1.15%* 4.51%* 1.63%* 4.04%* 34.71%
$12.85 26.96%* $ 11,412 2.00%* 1.99%* 2.15%* 1.84%* 57.41%
$12.78 33.19%* $ 190,551 1.15%* 0.78%* 1.29%* 0.64%* 45.63%
11.00 12.56% 125,562 1.15% 0.88% 1.32% 0.71% 65.63%
9.85 (1.39%)+ 57,036 1.15%* 1.20%* 1.68%* 0.67%* 7.99%
$12.76 32.62%* $ 13,278 1.60%* 0.34%* 2.11%* (0.17%)* 45.63%
10.99 11.96% 7,345 1.60% 0.43% 2.27% (0.24%) 65.63%
9.84 (1.60%)+ 3,004 1.60%* 0.74%* 4.60%* (2.26%)* 7.99%
$12.73 32.07%* $ 2,258 2.20%* (0.20%)* 3.62%* (1.62%)* 45.63%
$13.92 29.17%* $ 992,170 1.15%* 0.99%* 1.26%* 0.88%* 74.82%
12.18 6.63% $ 984,205 1.15% 1.38% 1.28% 1.25% 127.79%
11.99 3.87% 891,870 1.15% 1.25% 1.29% 1.11% 123.87%
11.95 17.90%* 507,692 1.15%* 1.43%* 1.28%* 1.30%* 95.02%
$13.91 28.37%* $ 173,374 1.80%* 0.34%* 2.06%* 0.08%* 74.82%
12.17 5.93% 160,875 1.80% 0.73% 2.10% 0.43% 127.79%
11.98 3.26% 170,795 1.80% 0.64% 2.11% 0.33% 123.87%
11.93 20.49%* 131,858 1.80%* 0.81%* 2.06%* 0.55%* 95.02%
$13.89 30.84%* $ 4,866 2.27%* (0.17%)* 2.88%* (0.78%)* 74.82%
$11.16 24.17%* $ 93,080 0.95%* 3.19%* 1.08%* 3.06%* 81.82%
10.26 8.72% 89,051 0.95% 3.44% 1.11% 3.28% 156.61%
9.76 (1.78%)+ 90,579 0.95%* 2.76%* 1.25%* 2.46%* 105.65%
$11.19 23.74%* $ 4,422 1.25%* 2.90%* 1.74%* 2.41%* 81.82%
10.30 8.29% 3,765 1.25% 3.17% 1.80% 2.62% 156.61%
9.79 (2.10%)+ 2,311 1.25%* 2.46%* 4.91%* (1.20%)* 105.65%
$11.15 20.72%* $ 1,717 2.00%* 2.12%* 3.93%* 0.19%* 81.82%
$10.34 1.96%* $ 103,773 1.05% 0.65% 1.20% 0.50% 6.53%
10.24 2.69%+ 89,446 1.05% 1.13% 1.31% 0.87% 10.37%
$10.28 1.56%* $ 4,638 1.45% 0.25% 1.92% (0.22%) 6.53%
10.20 2.18%+ 3,960 1.45% 0.67% 2.44% (0.32%) 10.37%
$10.29 1.08%+ $ 683 2.10% (0.83%) 5.20% (3.93%) 6.53%
</TABLE>
(7) The Capital Growth Fund Trust Shares commenced operations on July 1, 1992.
(8) The Capital Growth Fund Investor Shares commenced operations on June 9,
1992.
(9) The Balanced Fund Trust Shares commenced operations on January 3, 1994.
(10) The Balanced Fund Investor Shares commenced operations on January 4, 1994.
(11) The Balanced Fund Flex Shares commenced operations on June 15, 1995.
(12) The International Equity Index Fund Trust and Investor Shares commenced
operations on June 6, 1994.
(13) The International Equity Index Fund Flex Shares commenced operations on
June 9, 1995.
75
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995.
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ---------- ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
SUNBELT EQUITY
Trust Shares
1996** $10.03 $(0.01) $ 1.70 -- --
1995 9.70 (0.01) 0.38 -- $(0.04)
1994(1) 10.00 -- (0.30) -- --
Investor Shares
1996** $ 9.96 $(0.04) $ 1.70 -- --
1995 9.69 (0.05) 0.36 -- $(0.04)
1994(2) 10.00 (0.02) (0.29) -- --
Flex Shares
1996(3)** $10.20 $(0.04) $ 1.51 -- --
INVESTMENT GRADE TAX-EXEMPT BOND FUND
Trust Shares
1996** $11.28 $ 0.23 $ 0.30 $(0.24) --
1995 10.68 0.46 0.60 (0.46) --
1994(4) 11.37 0.22 (0.34) (0.22) $(0.35)
Investor Shares
1996** $11.30 $ 0.21 $ 0.28 $(0.21) --
1995 10.69 0.42 0.61 (0.42) --
1994 10.79 0.33 0.25 (0.33) $(0.35)
1993(5) 10.00 0.35 0.82 (0.35) (0.03)
Flex Shares
1996(6)** $11.30 $ 0.20 $ 0.28 $(0.20) --
FLORIDA TAX-EXEMPT BOND FUND
Trust Shares
1996** $10.18 $ 0.23 $ 0.27 $(0.23) --
1995 9.75 0.44 0.43 (0.44) --
1994(7) 10.00 0.13 (0.25) (0.13) --
Investor Shares
1996** $10.18 $ 0.22 $ 0.27 $(0.22) --
1995 9.75 0.42 0.43 (0.42) --
1994(8) 10.00 0.13 (0.25) (0.13) --
Flex Shares
1996(6)** $10.19 $ 0.20 $ 0.28 $(0.20) --
TENNESSEE TAX-EXEMPT BOND FUND
Trust Shares
1996** $ 9.50 $ 0.22 $ 0.20 $(0.22) --
1995 9.22 0.44 0.28 (0.44) --
1994(9) 10.00 0.12 (0.77) (0.13) --
Investor Shares
1996** $ 9.53 $ 0.21 $ 0.20 $(0.21) --
1995 9.23 0.44 0.29 (0.43) --
1994(10) 10.00 0.13 (0.77) (0.13) --
Flex Shares
1996(3)** $ 9.59 $ 0.19 $ 0.12 $(0.19) --
GEORGIA TAX-EXEMPT BOND FUND
Trust Shares
1996** $ 9.63 $ 0.22 $ 0.23 $(0.22) --
1995 9.42 0.42 0.21 (0.42) --
1994(8) 10.00 0.14 (0.58) (0.14) --
Investor Shares
1996** $ 9.65 $ 0.21 $ 0.23 $(0.21) --
1995 9.44 0.40 0.21 (0.40) --
1994(10) 10.00 0.13 (0.56) (0.13) --
Flex Shares
1996(11)** $ 9.72 $ 0.18 $ 0.14 $(0.18) --
</TABLE>
* Annualized, total return figures do not reflect applicable sales load.
** For the six-month period ending November 30, 1995.
+ Cumulative since inception, total return figures do not reflect applicable
sales load.
(1) The Sunbelt Equity Fund Trust Shares commenced operations on January 3,
1994.
(2) The Sunbelt Equity Fund Investor Shares commenced operations on January 4,
1994.
(3) The Sunbelt Equity Fund Flex Shares and Tennessee Tax-Exempt Bond Fund
Flex Shares commenced operations on June 6, 1995.
(4) The Investment Grade Tax-Exempt Bond Fund Trust Shares commenced
operations on October 21, 1993.
(5) The Investment Grade Tax-Exempt Bond Fund Investor Shares comenced
operations on June 9, 1992.
(6) The Investment Grade Tax-Exempt bond Fund Flex Shares and Florida
Tax-Exempt Flex Shares commenced operations on June 2, 1995.
76
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSET NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
VALUE END TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- ---------- ------- ------------ ------------------ ------------------ ------------------- ------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
$11.72 26.80%* $300,389 1.15%* (0.25%)* 1.26%* (0.36%)* 59.39%
10.03 3.81% 258,908 1.15% (0.12%) 1.30% (0.27%) 80.03%
9.70 (2.99%)+ 128,280 1.15%* (0.19%)* 1.58%* (0.62%)* 21.42%
$11.62 26.26%* $ 24,603 1.60%* (0.70%)* 1.92%* (1.02%)* 59.39%
9.96 3.20% 22,180 1.60% (0.57%) 1.98% (0.95%) 80.03%
9.69 (3.10%)+ 16,077 1.60%* (0.63%)* 2.04%* (1.07%)* 21.42%
$11.67 30.41%* $ 1,137 2.20%* (1.29%)* 4.75%* (3.84%)* 59.39%
$11.57 16.38%* $111,653 0.75%* 4.06%* 0.89%* 3.92%* 297.51%
11.28 10.21% 78,208 0.75% 4.34% 0.91% 4.18% 591.91%
10.68 (1.10%)+ 44,595 0.75%* 3.46%* 0.95%* 3.26%* 432.46%
$11.58 15.92%* $ 41,445 1.15%* 3.65%* 1.40%* 3.40%* 297.51%
11.30 9.91% 41,693 1.15% 3.88% 1.43% 3.60% 591.91%
10.69 5.37% 46,182 1.14% 2.96% 1.51% 2.59% 432.46%
10.79 11.88%* 15,844 1.12%* 3.61%* 1.83%* 2.90%* 344.87%
$11.58 7.41%* $ 4,266 1.63%* 3.18%* 2.34%* 2.47%* 297.51%
$10.45 16.78%* $ 21,707 0.65%* 4.52%* 0.92%* 4.25%* 26.52%
10.18 9.26% 10,118 0.65% 4.63% 1.13% 4.15% 105.01%
9.75 (1.19%)+ 3,192 0.65%* 3.86%* 1.12%* 3.39%* 53.24%
$10.45 16.40%* $ 4,217 0.85%* 4.30%* 1.38%* 3.77%* 26.52%
10.18 9.04% 3,320 0.85% 4.36% 1.50% 3.71% 105.01%
9.75 (1.22%)+ 2,280 0.85%* 3.67%* 3.20%* 1.32%* 53.24%
$10.47 8.48%* $ 2,122 1.35%* 3.85%* 2.99%* 2.21%* 26.52%
$ 9.70 17.96%* $ 1,807 0.65%* 4.57%* 1.79%* 3.43%* 15.89%
9.50 8.17% 1,664 0.65% 4.90% 2.65% 2.90% 27.73%
9.22 (6.52%)+ 594 0.65%* 4.24%* 1.43%* 3.46%* 13.05%
$ 9.73 17.89%* $ 1,338 0.85%* 4.35%* 2.11%* 3.09%* 15.89%
9.53 8.24% 1,170 0.85% 4.70% 2.10% 3.45% 27.73%
9.23 (6.39%)+ 1,127 0.85%* 3.74%* 6.60%* (2.01%)* 13.05%
$ 9.71 6.33%* $ 1,162 1.35%* 3.90%* 3.31%* 1.94%* 15.89%
$ 9.86 14.50%* $ 15,055 0.65%* 4.44%* 0.91%* 4.18%* 39.58%
9.63 6.94% 13,187 0.65% 4.56% 0.98% 4.23% 24.50%
9.42 (4.43%)+ 4,338 0.65%* 4.12%* 1.06%* 3.71%* 25.90%
$ 9.88 14.23%* $ 3,457 0.85%* 4.24%* 1.39%* 3.70%* 39.58%
9.65 6.70% 3,268 0.85% 4.31% 1.43% 3.73% 24.50%
9.44 (4.29%)+ 3,300 0.85%* 3.93%* 2.36%* 2.42%* 25.90%
$ 9.86 7.09%* $ 2,270 1.35%* 3.78%* 2.68%* 2.45%* 39.58%
</TABLE>
(7) The Florida Tax-Exempt Bond Fund Trust Shares commenced operations on
January 25, 1994.
(8) The Florida Tax-Exempt Bond Fund Investor Shares and Georgia Tax-Exempt
Bond Fund Trust Shares commenced operations on January 18, 1994.
(9) The Tennessee Tax-Exempt Bond Fund Trust Shares commenced operations on
January 27, 1994.
(10) The Tennessee Tax-Exempt Bond Fund Investor Shares and Georgia Tax-Exempt
Bond Fund Investor Shares commenced operations on January 19, 1994.
(11) The Georgia Tax-Exempt Bond Fund Flex Shares commenced operations on June
7, 1995.
77
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995.
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ---------- ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT GRADE BOND FUND
Trust Shares
1996** $10.26 $0.31 $ 0.25 $(0.31) --
1995 9.89 0.61 0.37 (0.61) --
1994 10.45 0.50 (0.36) (0.50) (0.20)
1993(1) 10.09 0.45 0.36 (0.45) --
Investor Shares
1996** $10.26 $0.29 $ 0.25 $(0.29) --
1995 9.89 0.57 0.38 (0.58) --
1994 10.44 0.46 (0.35) (0.46) $ (0.20)
1993(2) 10.00 0.44 0.44 (0.44) --
Flex Shares
1996(3)** $10.33 $0.26 $ 0.21 $(0.26) --
SHORT-TERM BOND FUND
Trust Shares
1996** $ 9.98 $0.28 $ 0.13 $(0.28) --
1995 9.79 0.53 0.19 (0.53) --
1994 10.01 0.42 (0.21) (0.42) $ (0.01)
1993(4) 10.00 0.08 0.01 (0.08) --
Investor Shares
1996** $10.01 $0.27 $ 0.12 $(0.27) --
1995 9.81 0.51 0.19 (0.50) --
1994 10.03 0.40 (0.21) (0.40) $ (0.01)
1993(5) 10.06 0.06 (0.03) (0.06) --
Flex Shares
1996(6)** $10.02 $0.24 $ 0.10 $(0.24) --
SHORT-TERM U.S. TREASURY SECURITIES FUND
Trust Shares
1996** $ 9.93 $0.28 $ 0.04 $(0.28) --
1995 9.82 0.47 0.11 (0.47) --
1994 9.98 0.33 (0.11) (0.33) $ (0.05)
1993(4) 10.00 0.07 (0.02) (0.07) --
Investor Shares
1996** $ 9.94 $0.28 $ 0.04 $(0.28) --
1995 9.83 0.46 0.11 (0.46) --
1994 9.99 0.32 (0.12) (0.31) $ (0.05)
1993(7) 10.01 0.06 (0.02) (0.06) --
Flex Shares
1996(8)** $ 9.96 $0.23 -- $(0.23) --
LIMITED-TERM FEDERAL MORTGAGE SECURITIES FUND
Trust Shares
1996** $10.11 $0.32 $ 0.06 $(0.31) --
1995(9) 10.00 0.58 0.13 (0.60) --
Investor Shares
1996** $10.11 $0.31 $ 0.07 $(0.31) --
1995(10) 9.98 0.58 0.13 (0.58) --
Flex Shares
1996(3)** $10.14 $0.28 $ 0.05 $(0.28) --
U.S. GOVERNMENT SECURITIES FUND
Trust Shares
1996** $10.27 $0.31 $ 0.18 $(0.31) --
1995(11) 9.98 0.53 0.29 (0.53) --
Investor Shares
1996** $10.26 $0.29 $ 0.19 $(0.29) --
1995(12) 10.00 0.56 0.26 (0.56) --
Flex Shares
1996(3)** $10.31 $0.25 $ 0.14 $(0.25) --
</TABLE>
* Annualized, total figures do not reflect applicable sales load.
** For the six month period ending November 30, 1995.
+ Cumulative since inception, total return figures do not reflect applicable
sales load.
(1) The Investment Grade Bond Fund Trust Shares commenced operations on July
16, 1992.
(2) The Investment Grade Bond Fund Investor Shares commenced operations on
June 11, 1992.
(3) The Investment Grade Bond Fund Flex Shares, Limited-Term Federal Mortgage
Securities Fund Flex Shares and U.S. Government Securities Fund Flex Shares
commenced operations on June 8, 1995.
(4) The Short-Term Bond Fund Trust Shares and Short-Term U.S. Treasury
Securities Fund Trust Shares commenced operations on March 15, 1993.
(5) The Short-Term Bond Fund Investor Shares comenced operations on March 22,
1993.
78
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSET NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
VALUE END TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- --------- -------- ------------ ------------------ ------------------ ------------------- ------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
$10.51 16.94%* $595,540 0.75%* 5.98%* 0.87%* 5.86%* 91.18%
10.26 10.39% 543,308 0.75% 6.22% 0.88% 6.09% 237.66%
9.89 1.17% 460,538 0.75% 4.77% 0.88% 4.64% 259.19%
10.45 9.34%* 336,132 0.74%* 5.14%* 0.87%* 5.01%* 299.32%
$10.51 16.42%* $ 35,794 1.15%* 5.57%* 1.45%* 5.27%* 91.18%
10.26 10.04% 33,772 1.15% 5.79% 1.49% 5.45% 237.66%
9.89 0.86% 35,775 1.14% 4.39% 1.41% 4.12% 259.19%
10.44 9.21%* 24,375 1.14%* 4.75%* 1.46%* 4.43%* 299.32%
$10.54 10.65%* $ 2,139 1.64%* 5.10%* 3.00%* 3.74%* 91.18%
$10.11 11.30%* $ 71,226 0.65%* 5.58%* 0.83%* 5.40%* 95.57%
9.98 7.60% 60,952 0.65% 5.49% 0.85% 5.29% 200.49%
9.79 2.02% 34,772 0.65% 4.15% 0.85% 3.95% 74.85%
10.01 4.45%* 25,334 0.64%* 3.88%* 1.11%* 3.41%* 63.89%
$10.13 11.21%* $ 2,406 0.85%* 5.37%* 1.60%* 4.62%* 95.57%
10.01 7.44% 2,609 0.85% 5.24% 1.56% 4.53% 200.49%
9.81 1.81% 2,381 0.85% 3.94% 2.52% 2.27% 74.85%
10.03 1.65%* 716 0.85%* 3.85%* 7.22%* (2.52%)* 63.89%
$10.12 7.60%* $ 590 1.20%* 5.04%* 6.17%* 0.07%* 95.57%
$ 9.97 8.08%* $ 9,950 0.65%* 5.72%* 1.04%* 5.33%* 45.34%
9.93 6.11% 9,599 0.65% 4.91% 1.08% 4.48% 87.98%
9.82 2.17% 12,723 0.65% 3.23% 0.81% 3.07% 116.57%
9.98 2.22%* 30,336 0.63%* 3.34%* 1.04%* 2.93%* 36.44%
$ 9.98 7.99%* $ 4,698 0.80%* 5.55%* 1.27%* 5.08%* 45.34%
9.94 6.03% 7,144 0.80% 4.74% 1.33% 4.21% 87.98%
9.83 2.01% 4,841 0.78% 3.11% 1.41% 2.48% 116.57%
9.99 1.84%* 2,423 0.80%* 3.16%* 3.42%* 0.54%* 36.44%
$ 9.96 5.36%* $ 714 1.05%* 5.46%* 9.14%* (2.63%)* 45.34%
$10.18 11.31%* $ 49,458 0.65%* 6.22%* 0.88%* 5.99%* 46.46%
10.11 7.50%+ 41,823 0.65%* 6.43%* 0.93%* 6.15%* 67.63%
$10.18 11.16%* $ 975 0.90%* 5.98%* 2.63%* 4.25%* 46.46%
10.11 7.45%+ 623 0.90%* 6.27%* 7.74%* (0.57%)* 67.63%
$10.19 7.48%* $ 694 1.25%* 5.64%* 5.05%* 1.84%* 46.46%
$10.45 16.42%* $ 6,207 0.75%* 5.96%* 1.48%* 5.23%* 42.29%
10.27 8.64%+ 3,291 0.75%* 6.67%* 3.33%* 4.09%* 30.39%
$10.45 16.04%* $ 1,091 1.15%* 5.60%* 3.36%* 3.39%* 42.29%
10.26 8.61%+ 589 1.15%* 6.08%* 6.84%* 0.39%* 30.39%
$10.45 8.87%* $ 1,628 1.65%* 5.18%* 3.30%* 3.53%* 42.29%
</TABLE>
(6) The Short-Term Bond Fund Flex Shares commenced operations on June 21,
1995.
(7) The Short-Term U.S. Treasury Securities Fund Investor Shares commenced
operations on March 18, 1993.
(8) The Short-Term U.S. Treasury Securities Fund Flex Shares commenced
operations on June 23, 1995.
(9) The Limited-Term Federal Mortgage Securities Fund Trust Shares commenced
operations on June 7, 1994.
(10) The Limited-Term Federal Mortgage Securities Fund Investor Shares
commenced operations on July 17, 1994.
(11) The U.S. Government Securities Fund Trust Shares commenced operations on
July 31, 1994.
(12) The U.S. Government Securities Fund Investor Shares commenced operations
on June 9, 1994.
79
<PAGE>
FINANCIAL HIGHLIGHTS (concluded)
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS FOR THE PERIOD ENDED NOVEMBER 30, 1995.
FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
<TABLE>
<CAPTION>
NET REALIZED AND
NET UNREALIZED GAINS
NET ASSET VALUE INVESTMENT OR (LOSSES) DISTRIBUTIONS FROM DISTRIBUTIONS FROM
BEGINNING OF PERIOD INCOME ON INVESTMENTS NET INVESTMENT INCOME REALIZED CAPITAL GAINS
------------------- ---------- ---------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
PRIME QUALITY MONEY MARKET FUND
Trust Shares
1996** $ 1.00 $ 0.03 -- $(0.03) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
Investor Shares
1996** $ 1.00 $ 0.03 -- $(0.03) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
U.S. GOVERNMENT SECURITIES MONEY MARKET FUND
Trust Shares
1996** $ 1.00 $ 0.03 -- $(0.03) --
1995 1.00 0.05 -- (0.05) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
Investor Shares
1996** $ 1.00 $ 0.03 -- (0.03) --
1995 1.00 0.04 -- (0.04) --
1994 1.00 0.03 -- (0.03) --
1993(1) 1.00 0.03 -- (0.03) --
TAX-EXEMPT MONEY MARKET FUND
Trust Shares
1996** $ 1.00 $ 0.02 -- $(0.02) --
1995 1.00 0.03 -- (0.03) --
1994 1.00 0.02 -- (0.02) --
1993(1) 1.00 0.02 -- (0.02) --
Investor Shares
1996** $ 1.00 $ 0.02 -- $(0.02) --
1995 1.00 0.03 -- (0.03) --
1994 1.00 0.02 -- (0.02) --
1993(1) 1.00 0.02 -- (0.02) --
</TABLE>
* Annualized.
** For the six month period ending November 30, 1995.
(1) The Prime Quality Money Market fund Trust Shares and Investor Shares, the
U.S. Government Securities Money Market Fund Trust Shares and Investor
Shares, and the Tax-Exempt Money Market Fund Trust Shares and Investor
Shares commenced operations on June 8, 1992.
80
<PAGE>
- --------------------------------------------------------------------------------
UNAUDITED
<TABLE>
<CAPTION>
RATIO OF
RATIO OF NET INVESTMENT
RATIO OF EXPENSES TO INCOME (LOSS) TO
NET ASSET NET ASSETS RATIO OF NET INVESTMENT AVERAGE NET ASSETS AVERAGE NET ASSETS PORTFOLIO
VALUE END TOTAL END OF EXPENSES TO INCOME TO (EXCLUDING WAIVERS (EXCLUDING WAIVERS TURNOVER
OF PERIOD RETURN PERIOD (000) AVERAGE NET ASSETS AVERAGE NET ASSETS AND REIMBURSEMENTS) AND REIMBURSEMENTS) RATE
- --------- -------- ------------ ------------------ ------------------ ------------------- ------------------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 5.44%* $ 831,545 0.58%* 5.30%* 0.76%* 5.12%* --
1.00 4.79% 799,189 0.58% 4.77% 0.79% 4.56% --
1.00 2.88% 583,399 0.58% 2.86% 0.79% 2.65% --
1.00 2.92%* 410,991* 0.58%* 2.85%* 0.78%* 2.65%* --
$ 1.00 5.27%* $ 195,580 0.75%* 5.14%* 0.99%* 4.90%* --
1.00 4.62% 157,616 0.75% 4.55% 1.01% 4.29% --
1.00 2.71% 129,415 0.75% 2.67% 0.99% 2.43% --
1.00 2.75%* 61,578 0.75%* 2.68%* 1.02%* 2.41%* --
$ 1.00 5.37%* $ 339,396 0.61%* 5.25%* 0.76%* 5.10%* --
1.00 4.67% 434,111 0.61% 4.64% 0.80% 4.45% --
1.00 2.77% 309,228 0.61% 2.69% 0.77% 2.53% --
1.00 2.79%* 453,567 0.61%* 2.71%* 0.78%* 2.54%* --
$ 1.00 5.22%* $ 61,825 0.75%* 5.10%* 0.97%* 4.88%* --
1.00 4.51% 46,639 0.75% 4.51% 1.02% 4.24% --
1.00 2.63% 32,395 0.75% 2.54% 0.97% 2.32% --
1.00 2.65%* 16,688 0.75%* 2.57%* 1.11%* 2.21%* --
$ 1.00 3.46%* $ 315,994 0.50%* 3.32%* 0.69%* 3.13%* --
1.00 3.10% 215,413 0.45% 3.12% 0.70% 2.87% --
1.00 2.08% 143,982 0.42% 2.05% 0.71% 1.76% --
1.00 2.12%* 78,416 0.41%* 2.07%* 0.70%* 1.78%* --
$ 1.00 3.35%* $ 93,315 0.62%* 3.20%* 0.86%* 2.96%* --
1.00 3.00% 87,647 0.55% 3.00% 0.87% 2.68% --
1.00 1.96% 61,675 0.54% 1.93% 0.88% 1.59% --
1.00 2.00%* 35,209 0.53%* 1.95%* 0.95%* 1.53%* --
</TABLE>
81
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995 UNAUDITED
1. Organization
The STI Classic Funds (the "Trust") was organized as a Massachusetts business
trust under a Declaration of Trust dated January 15, 1992. The Trust is
registered under the Investment Company Act of 1940, as amended, as an open-end
management investment company with nineteen portfolios: the Prime Quality Money
Market Fund, the U.S. Government Securities Money Market Fund, the Tax-Exempt
Money Market Fund (collectively "the Money Market Funds"), the Investment Grade
Bond Fund, the Investment Grade Tax-Exempt Bond Fund, the Short-Term U.S.
Treasury Securities Fund, the Short-Term Bond Fund, the Capital Growth Fund, the
Value Income Stock Fund, the Sunbelt Equity Fund the Aggressive Growth Fund, the
Balanced Fund, the Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond
Fund, the Tennessee Tax-Exempt Bond Fund, the U.S. Government Securities Fund,
the Limited-Term Federal Mortgage Securities Fund, the International Equity
Index Fund and the International Index Fund (collectively the "Non-Dollar
Funds"). The International Index Fund was not operational as of November 30,
1995. The assets of each portfolio are segregated, and a shareholder's interest
is limited to the Fund in which shares are held.
2. Significant Accounting Policies
The following is a summary of the significant accounting policies followed by
the Trust.
SECURITY VALUATION--Investment securities held by the Money Market Funds are
stated at amortized cost, which approximates market value.
Investment securities held by the Non-Dollar Funds which are listed on a
securities exchange for which market quotations are available are valued at
the last quoted sales price on each business day. If there is no such
reported sale, these securities and unlisted securities for which market
quotations are readily available are valued at the most recently quoted bid
price. Foreign securities in the International Equity Index Fund are valued
based upon quotations from the primary market in which they are traded. Debt
obligations with sixty days or less remaining until maturity may be valued
at their amortized cost.
FEDERAL INCOME TAXES--It is each Fund's intention to qualify as a regulated
investment company for Federal Income Tax purposes and distribute all of its
taxable income and net capital gains. Accordingly, no provisions for Federal
Income Taxes are required.
SECURITY TRANSACTIONS AND RELATED INCOME--Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Dividend income is recognized on the ex-dividend date and interest income is
recognized on the accrual basis. Costs used in determining realized gains
and losses on the sales of investment securities are those of the specific
securities sold adjusted for the accretion and amortization of purchase
discounts and premiums during the respective holding period. Purchase
discounts and premiums on securities held by the Money Market Funds are
accreted and amortized ratably to maturity and are included in interest
income. Purchase discounts and premiums on securities held by the Non-Dollar
Funds are accreted and amortized to maturity using the scientific interest
method, which approximates the effective interest method.
REPURCHASE AGREEMENTS--Securities pledged as collateral for repurchase
agreements are held by the custodian bank until the respective agreements
mature. Provisions of the repurchase agreements ensure that the market value
of the collateral, including accrued interest thereon, is sufficient in the
event of default of the counterparty. If the counterparty defaults and the
value of the collateral declines or if the counterparty enters into an
insolvency proceeding, realization of the collateral by the Funds may be
delayed or limited.
NET ASSET VALUE PER SHARE--The net asset value per share of each Fund is
calculated on each business day, by dividing the total value of each Fund's
assets, less liabilities, by the number of shares outstanding. The maximum
offering price per share for Investor shares of the Investment Grade Bond,
the Investment Grade Tax-Exempt Bond, the Capital Growth, the Value Income
Stock, the Sunbelt Equity, the Aggressive Growth, the Balanced, the Florida
Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond,
the U.S.
82
<PAGE>
- --------------------------------------------------------------------------------
Government Securities and the International Equity Index Funds is equal to
the net asset value per share plus a sales load of 3.75%. The maximum
offering price per share for Investor shares of the Short-Term U.S. Treasury
Securities Fund is equal to the net asset value per share plus a sales load
of 1.00%. The maximum offering price per share for Investor shares of the
Short-Term Bond Fund is equal to the net asset value per share plus a sales
load of 2.00%. The maximum offering price per share for Investor shares of
the Limited-Term Federal Mortgage Securities Fund is equal to the net asset
value per share plus a sales load of 2.50%.
Flex Shares of the Funds may be purchased at their net asset value. Shares
redeemed within the first year after purchase will be subject to a
contingent deferred sales charge ("CDSC") equal to 2.00% of the net asset
value of the shares at the time of redemption. The CDSC will not apply to
shares redeemed after such time.
FOREIGN CURRENCY TRANSLATION--The books and records of the International
Equity Index Fund are maintained in U.S. dollars on the following basis:
(I) market value of investment securities, assets and liabilities at the
current rate of exchange; and
(II) purchases and sales of investment securities, income and expenses
at the relevant rates of exchange prevailing on the respective dates
of such transactions.
The International Equity Index Fund does not isolate that portion of gains
and losses on investments in equity securities which is due to changes in
the foreign exchange rates from that which is due to changes in market
prices of equity securities.
The International Equity Index Fund reports certain foreign currency related
transactions as components of realized and unrealized gains and losses for
financial reporting purposes, whereas such components are treated as
ordinary income for Federal income tax purposes.
OTHER--Expenses that are directly related to a specific Fund are charged to
that Fund. Class specific expenses are borne by that class. Other operating
expenses of the Trust are pro-rated to the Funds on the basis of relative
net assets. Fund expenses are pro-rated to the respective classes on the
basis of relative net assets.
Distributions from net investment income of each of the Money Market Funds
and the Investment Grade Bond, the Investment Grade Tax-Exempt Bond, the
Short-Term U.S. Treasury Securities, the Short-Term Bond, the Florida
Tax-Exempt Bond, the Georgia Tax-Exempt Bond, the Tennessee Tax-Exempt Bond,
the U.S. Government Securities and the Limited-Term Federal Mortgage
Securities Funds are declared on each business day and paid to shareholders
on a monthly basis. Distributions from net investment income are declared
and paid each calendar quarter by the Capital Growth, the Value Income
Stock, the Sunbelt Equity, the Aggressive Growth and the Balanced Funds.
Distributions from net investment income are declared and paid annually by
the International Equity Index Fund. Any net realized capital gains on sales
of securities are distributed to shareholders at least annually.
In accordance with AICPA Statement of Position (SOP) 93-2 titled Determination,
Disclosure and Financial Statement Presentation of Income, Capital Gain and
Return of Capital Distributions by Investment Companies, the Sunbelt Equity and
Short-Term U.S. Treasury Securities Funds have reclassed $478,000 and $59,000,
respectively, from Net Investment Income to Paid in Capital in the Statement of
Net Assets. These reclassifications, which have no impact on the net asset value
of the Fund, are primarily attributable to net operating losses and differences
in the computation of distributable income under federal income tax rules versus
generally accepted accounting principles.
3. Organization Costs and Transactions with Affiliates:
The Trust incurred organization costs of approximately $643,000. These costs
have been deferred in the accounts of the Funds and are being amortized on a
straight line basis over a period of sixty months commencing with operations.
These costs include legal fees of approximately $31,000 for
83
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995 UNAUDITED
organizational work performed by a law firm of which an officer of the Trust is
a partner. On March 18, 1992, the Trust sold initial shares of beneficial
interest to SEI Financial Management Corporation (the "Administrator"). In the
event any of the initial shares of the Trust are redeemed by any holder thereof
during the period that the Trust is amortizing its organizational costs, the
redemption proceeds payable to the holder thereof by the Trust will be reduced
by the unamortized organizational costs in the same ratio as the number of
initial shares being redeemed bears to the number of initial shares outstanding
at the time of redemption.
Certain officers of the Trust are also officers of the Administrator and/or SEI
Financial Services Company (the "Distributor"). Such officers are paid no fees
by the Trust for serving as officers of the Trust.
4. Administration, Transfer Agency Servicing and
Distribution Agreements:
The Trust and the Administrator are parties to an Administration agreement dated
May 29, 1995, under which the Administrator provides administrative services for
an annual fee (expressed as a percentage of the combined average daily net
assets of the Trust and STI Classic Variable Annuity Trust) of: .10% up to $1
billion, .07% on the next $4 billion, .05% on the next $3 billion, .045% on the
next $2 billion and .04% for over $10 billion.
The Trust and Federated Services Company are parties to a Transfer Agency
servicing agreement dated May 14, 1994 under which Federated Services Company
provides transfer agency services to the Trust.
The Trust and the Distributor are parties to a Distribution Agreement dated May
29, 1995. The Distributor will receive no fees for its distribution services
under this agreement for the Trust Shares of any Fund. With respect to the
Investor Shares and Flex Shares, the Distributor receives amounts, pursuant to a
Distribution Plan and (in the case of Flex Shares) a Service Plan, as outlined
in the table in footnote 5 under the column titled "Distribution Fee".
5. Investment Advisory and Custodian Agreements:
The Trust and STI Capital Management, N.A., ("STI Capital Management, N.A."),
Trusco Capital Management ("Trusco"), the SunTrust Bank, Atlanta and SunTrust
Bank, Chattanooga have entered into advisory agreements dated May 29, 1992 (the
"Advisory Agreements"). On May 26, 1993, the Trust's Board of Trustees approved
the termination of Trust Company Bank as investment adviser to the Trust's
Tax-Exempt Money Market Fund and approved the appointment of Trusco as adviser
to such Fund. The Trust and Trusco subsequently entered into an advisory
agreement dated June 15, 1993 (the "Advisory Agreement") which superseded the
May 29, 1992 agreement between the parties.
Under terms of the respective agreements, the Funds are charged the following
annual fees based upon average daily net assets:
<TABLE>
<CAPTION>
MAXIMUM FLEX
SHARE DISTRI-
MAXIMUM BUTION
MAXIMUM TRUST SHARE INVESTOR SHARE INVESTOR SHARE AND FLEX SHARE
ANNUAL MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM
ADVISORY FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE
------------- -------------- --------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
TRUSCO:
International
Equity Index
Fund*............. .90% 1.05% .38% 1.45% 1.00% 2.10%
Sunbelt Equity
Fund.............. 1.15% 1.15% .43% 1.60% 1.00% 2.20%
Short-Term Bond
Fund.............. .65% .65% .23% .85% 1.00% 1.20%
Short-Term U.S.
Treasury
Securities Fund... .65% .65% .18% .80% 1.00% 1.05%
U.S. Government
Securities Fund... .74% .75% .38% 1.15% 1.00% 1.65%
Prime Quality Money
Market Fund....... .65% .58% .20% .75% -- --
U.S. Government
Securities Money
Market Fund....... .65% .61% .17% .75% -- --
Tax-Exempt Money
Market Fund....... .55% .60% .15% .72% -- --
STI CAPITAL MANAGEMENT, N.A.:
Value Income Stock
Fund.............. .80% .95% .33% 1.30% 1.00% 2.00%
Aggressive Growth
Fund.............. 1.15% 1.15% .43% 1.60% 1.00% 2.20%
Capital Growth
Fund.............. 1.15% 1.15% .68% 1.80% 1.00% 2.27%
Balanced Fund...... .95% .95% .28% 1.25% 1.00% 2.00%
</TABLE>
84
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MAXIMUM FLEX
SHARE DISTRI-
MAXIMUM BUTION
MAXIMUM TRUST SHARE INVESTOR SHARE INVESTOR SHARE AND FLEX SHARE
ANNUAL MAXIMUM DISTRI- MAXIMUM SERVICE MAXIMUM
ADVISORY FEE EXPENSE BUTION FEE EXPENSE FEE EXPENSE
------------- -------------- --------------- -------------- -------------- --------------
STI CAPITAL MANAGEMENT, N.A.:
<S> <C> <C> <C> <C> <C> <C>
Investment Grade
Tax-Exempt Bond
Fund.............. .74% .75% .43% 1.15% 1.00% 1.63%
Florida Tax-Exempt
Bond Fund......... .65% .65% .18% .85% 1.00% 1.35%
Investment Grade
Bond Fund......... .74% .75% .43% 1.15% 1.00% 1.64%
Limited-Term
Federal Mortgage
Securities Fund... .65% .65% .23% .90% 1.00% 1.25%
SUNTRUST BANK, ATLANTA:
Georgia Tax-Exempt
Bond Fund......... .65% .65% .18% .85% 1.00% 1.35%
SUNTRUST BANK, CHATTANOOGA:
Tennessee Tax-
Exempt Bond
Fund.............. .65% .65% .18% .85% 1.00% 1.35%
</TABLE>
- -----------------
* Trusco and SunBank serve as joint advisers to the International Equity Index
Fund.
The Investment Advisers, the Administrator and the Distributor have voluntarily
agreed to waive all or a portion of their fees (and to reimburse Funds'
expenses) in order to limit operating expenses to an amount as outlined in the
table above. Fee waivers and expense reimbursements are voluntary and may be
terminated at any time.
SunTrust Bank, Atlanta, formerly Trust Company Bank acts as custodian for all
the Funds. Fees of the Custodians are paid on the basis of the net assets of the
Funds. The Custodians play no role in determining the investment policies of the
Trust or which securities are to be purchased or sold in the Funds.
6. Investment Transactions:
The cost of purchases and the proceeds from sales of securities, excluding
short-term investments and U.S. Government Securities, for the period ended
November 30, 1995, were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
(000) (000)
--------- ---------
<S> <C> <C>
Value Income Stock Fund........................ $ 597,238 $ 665,751
Aggressive Growth Fund......................... 108,124 66,761
Capital Growth Fund............................ 819,507 911,825
Balanced Fund.................................. 54,527 50,911
International Equity Index Fund................ 19,875 6,480
Sunbelt Equity Fund............................ 179,390 187,259
Investment Grade Tax-Exempt Bond
Fund.......................................... 336,734 311,984
Florida Tax-Exempt Bond Fund................... 16,972 4,993
Tennessee Tax-Exempt Bond Fund................. 1,639 508
Georgia Tax-Exempt Bond Fund................... 11,494 6,616
Investment Grade Bond Fund..................... 279,335 181,585
Short-Term Bond Fund........................... 40,967 30,259
Short-Term U.S. Treasury Securities
Fund.......................................... -- --
Limited-Term Federal Mortgage
Securities Fund............................... -- --
U.S. Government Securities Fund................ -- --
</TABLE>
The cost of purchases and proceeds from sales of U.S. Government Securities
were:
<TABLE>
<CAPTION>
PURCHASES SALES
(000) (000)
----------- ---------
<S> <C> <C>
Value Income Stock Fund........................ $ -- $ --
Aggressive Growth Fund......................... -- --
Capital Growth Fund............................ -- --
Balanced Fund.................................. 22,606 21,187
International Equity Index Fund................ -- --
Sunbelt Equity Fund............................ -- --
Investment Grade Tax-Exempt Bond Fund.......... -- --
Florida Tax-Exempt Bond Fund................... -- --
Tennessee Tax-Exempt Bond Fund................. -- --
Georgia Tax-Exempt Bond Fund................... -- --
Investment Grade Bond Fund..................... 349,134 322,099
Short-Term Bond Fund........................... 30,308 29,653
Short-Term U.S. Treasury Securities Fund....... 6,872 7,428
Limited-Term Federal Mortgage Securities
Fund.......................................... 28,894 20,966
U.S. Government Securities Fund................ 7,739 3,087
</TABLE>
At November 30, 1995, the total cost of securities and the net realized gains or
losses on securities sold for Federal income
85
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995 UNAUDITED
tax purposes was not materially different from amounts reported for financial
reporting purposes. The aggregate gross unrealized appreciation and depreciation
for securities held by the Funds at November 30, 1995, were as follows:
<TABLE>
<CAPTION>
VALUE
INCOME AGGRESSIVE CAPITAL
STOCK GROWTH GROWTH
FUND FUND FUND
(000) (000) (000)
-------- ---------- --------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation... $119,762 $24,073 $153,162
Aggregate gross unrealized depreciation... (14,403) (5,561) (16,226)
-------- ---------- --------
Net unrealized appreciation............... $105,359 $18,512 $136,936
-------- ---------- --------
-------- ---------- --------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL SUNBELT
BALANCED EQUITY EQUITY
FUND INDEX FUND FUND
(000) (000) (000)
-------- ------------- --------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation... $ 8,673 7,141 $ 57,321
Aggregate gross unrealized depreciation... (643) (4,808) (14,338)
-------- ------------- --------
Net unrealized appreciation............... $ 8,030 2,333 $ 42,983
-------- ------------- --------
-------- ------------- --------
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT
GRADE
TAX-
EXEMPT FLORIDA TENNESSEE
BOND TAX-EXEMPT TAX-EXEMPT
FUND BOND FUND BOND FUND
(000) (000) (000)
---------- ---------- ----------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation... $2,532 $979 $145
Aggregate gross unrealized depreciation... -- (1) (2)
---------- --- ---
Net unrealized appreciation............... $2,532 $978 $143
---------- --- ---
---------- --- ---
</TABLE>
<TABLE>
<CAPTION>
INVESTMENT
GEORGIA GRADE SHORT-
TAX-EXEMPT BOND TERM BOND
BOND FUND FUND FUND
(000) (000) (000)
---------- ---------- ---------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation... $518 $22,686 $1,158
Aggregate gross unrealized depreciation... (15) (105) (3)
--- ---------- ---------
Net unrealized appreciation............... $503 $22,581 $1,155
--- ---------- ---------
--- ---------- ---------
</TABLE>
<TABLE>
<CAPTION>
SHORT- LIMITED-
TERM TERM
U.S. FEDERAL U.S.
TREASURY MORTGAGE GOVERNMENT
SECURITIES SECURITIES SECURITIES
FUND FUND FUND
(000) (000) (000)
---------- ---------- ----------
<S> <C> <C> <C>
Aggregate gross unrealized appreciation... $215 $971 $235
Aggregate gross unrealized depreciation... -- (12) --
--- --- ---
Net unrealized appreciation............... $215 $959 $235
--- --- ---
--- --- ---
</TABLE>
7. Concentration of Credit Risk:
The Prime Quality Money Market Fund invests primarily in high quality money
market instruments rated in the highest short-term rating category by Standard
and Poor's Corporation ("S&P") or Moody's Investors Services, Inc. ("Moody's")
or, if not rated, are determined by the Advisor to be of comparable quality. The
U.S. Government Securities Money Market Fund invests exclusively in U.S.
Treasury obligations, U.S. Government Subsidiary Corporation securities which
are backed by the full faith and credit of the U.S. Government and repurchase
agreements with approved dealers collateralized by U.S. Treasury securities and
U.S. Government Subsidiary Corporation securities. The Tax-Exempt Money Market
Fund invests in high quality, U.S. dollar denominated municipal securities rated
in one of the two highest short-term rating categories or, if not rated, are
determined by the Advisor to be of comparable quality. The Investment Grade Bond
Fund, the Short-Term Bond Fund and the Balanced Fund invest primarily in
investment grade obligations rated at least BBB or better by S&P or Baa or
better by Moody's or, if not rated, are determined by the Advisor to be of
comparable quality. The Investment Grade Tax-Exempt Fund invests primarily in
investment grade municipal securities. Municipal securities must be rated BBB or
better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or
MIG-1, MIG-2 in the case of notes; A-1, A-2, P-1, P-2 in the case of commercial
paper; and VMIG-1, VMIG-2 in the case of variable rate demand obligations. The
Short-Term U.S. Treasury Securities Fund invests exclusively in obligations
issued by the U.S Treasury with maximum remaining maturities of 3 years or less.
The Florida Tax-Exempt Bond Fund, the Georgia Tax-Exempt Bond Fund and the
Tennessee Tax-Exempt Bond Fund invest primarily in municipal bonds concentrated
in each of their respective states. Municipal securities must be rated BBB or
better by S&P or Baa or better by Moody's in the case of bonds; SP-1, SP-2 or
MIG-1, MIG-2 in the case of notes; A-1, A-2, or P1, P2 in the case of tax-exempt
commercial paper; and VMIG-1 or VMIG-2 in the case of variable rate demand
obligations. The U.S. Government Securities Fund invests primarily in
obligations issued or guaranteed by the U.S. Government or its agencies or
instrumentalities, including mortgage-backed securities. The Limited-Term
Federal Mortgage Securities Fund invests in
86
<PAGE>
- --------------------------------------------------------------------------------
mortgage related securities issued or guaranteed by U.S. Government agencies. Up
to 35% of the U.S. Government Securities Fund and the Limited-Term Federal
Mortgage Securities Fund may be invested in corporate, or government bonds that
carry a rating of Baa or better by Moody's or BBB or better by S&P. The ability
of the issuers of the securities held by the Funds to meet their obligations may
be affected by economic developments in a specific industry, state or region or
changing business conditions.
The summary of credit quality ratings for the securities held by the Funds as
rated by S&P at November 30, 1995 were as follows:
<TABLE>
<CAPTION>
PRIME U.S. GOV'T TAX-
QUALITY SECURITIES EXEMPT
MONEY MONEY MONEY
MARKET MARKET MARKET
FUND FUND FUND
------- ---------- --------
<S> <C> <C> <C>
AAA....................................... 4.15% 57.60% 4.02%
AA........................................ 0.49% -- 2.82%
A......................................... 7.02% 1.24% 2.18%
A-1....................................... 48.00% 1.24% 52.20%
BBB....................................... -- -- --
BB........................................ -- -- --
S-1....................................... -- -- --
SP-1...................................... -- -- 10.27%
Not Rated................................. 2.43% -- 27.28%
Repurchase Agreement...................... 37.91% 39.92% --
Cash Equivalents.......................... -- -- 1.23%
------- ---------- --------
100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
SHORT-
INVESTMENT SHORT- TERM
GRADE TAX- INVESTMENT TERM U.S.
EXEMPT BOND GRADE BOND BOND TREASURY
FUND FUND FUND FUND
----------- ----------- ------- ---------
<S> <C> <C> <C> <C>
AAA...................... 56.97% 53.00% 65.13% 95.96%
AA....................... 15.26% 1.00% 1.84% --
A........................ 3.90% 23.20% 21.47% --
A-1...................... -- -- -- --
BBB...................... 10.09% 14.10% 8.41% --
BB....................... -- -- -- --
S-1...................... -- -- -- --
SP-1..................... 3.76% -- -- --
Not Rated................ 1.69% 2.09% 1.40% --
Repurchase Agreement..... -- 6.61% -- --
Cash Equivalents......... 8.33% -- 1.75% 4.04%
----------- ----------- ------- ---------
100.00% 100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
LTD.-
FLORIDA GEORGIA TERM
TAX- TAX- FEDERAL
EXEMPT TENNESSEE EXEMPT MORTGAGE U.S. GOV'T
BALANCED BOND TAX- EXEMPT BOND SECURITIES SECURITIES
FUND FUND BOND FUND FUND FUND FUND
-------- -------- ---------- -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
AAA...................... 21.13% 73.01% 45.12% 27.89% 91.08% 95.29%
AA....................... -- 11.63% 25.72% 40.70% -- --
A........................ 8.77% 4.23% 6.34% 8.41% -- --
A-1...................... -- -- -- -- -- --
BBB...................... 9.12% -- -- -- -- --
BB....................... -- -- -- -- -- --
S-1...................... -- -- -- -- -- --
SP-1..................... -- -- -- -- -- --
Common Stock............. 52.23% -- -- -- -- --
Not Rated................ 1.01% 1.97% 12.65% 17.66% 6.05% --
Repurchase Agreement..... 7.74% -- 0.89% -- -- --
Cash Equivalents......... -- 9.16% 9.28% 5.34% 2.87% 4.71%
-------- -------- ---------- -------- ----------- -----------
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
The summary of credit quality ratings for the securities held by the Funds
as rated by Moody's at November 30, 1995 were as follows:
<TABLE>
<CAPTION>
PRIME TAX-
QUALITY U.S. GOV'T EXEMPT
MONEY SECURITIES MONEY
MARKET MONEY MARKET
FUND MARKET FUND FUND
-------- ----------- -------
<S> <C> <C> <C>
Aaa....................................... 6.58% 57.60% 5.46%
Aa........................................ 0.60% -- 9.31%
A......................................... 5.93% -- --
A-1....................................... -- -- 0.74%
Baa....................................... -- -- --
Prime-1................................... 48.01% 2.48% 8.32%
MIG-1..................................... -- -- 14.20%
VMIG-1.................................... -- -- 36.26%
Not Rated................................. 0.97% -- 24.48%
Repurchase Agreement...................... 37.91% 39.92% --
Cash Equivalents.......................... -- -- 1.23%
-------- ----------- -------
100.00% 100.00% 100.00%
</TABLE>
87
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
STI CLASSIC FUNDS NOVEMBER 30, 1995 UNAUDITED
<TABLE>
<CAPTION>
INVESTMENT SHORT- SHORT-
GRADE TAX- INVESTMENT TERM TERM U.S.
EXEMPT BOND GRADE BOND BOND TREASURY
FUND FUND FUND FUND
----------- ----------- ------- ---------
<S> <C> <C> <C> <C>
Aaa...................... 49.89% 53.00% 66.54% 95.96%
Aa....................... 10.30% 1.00% 1.84% --
A........................ 8.86% 25.57% 27.13% --
A-1...................... -- -- -- --
Baa...................... 6.56% 11.73% 2.74% --
Prime-1.................. -- -- -- --
MIG-1.................... 3.76% -- -- --
VMIG-1................... -- -- -- --
Not Rated................ 12.30% 2.09% -- --
Repurchase Agreement..... -- 6.61% -- --
Cash Equivalents......... 8.33% -- 1.75% 4.04%
----------- ----------- ------- ---------
100.00% 100.00% 100.00% 100.00%
</TABLE>
<TABLE>
<CAPTION>
LTD.-
FLORIDA GEORGIA TERM
TAX- TAX- FEDERAL U.S.
EXEMPT TENNESSEE EXEMPT MORTGAGE GOV'T
BALANCED BOND TAX- EXEMPT BOND SECURITIES SECURITIES
FUND FUND BOND FUND FUND FUND FUND
--------- -------- ---------- -------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Aaa...................... 21.13% 70.30% 41.23% 31.45% 97.13% 95.29%
Aa....................... -- 11.63% 18.16% 32.71% -- --
A........................ 9.80% -- 17.31% 17.46% -- --
A-1...................... -- -- -- 4.06% -- --
Baa...................... 8.09% 6.25% 13.13% -- -- --
Prime-1.................. -- -- -- -- -- --
MIG-1.................... -- -- -- -- -- --
VMIG-1................... -- -- -- -- -- --
Not Rated................ 1.01% 2.66% -- 8.98% -- --
Common Stock............. 52.23% -- -- -- -- --
Repurchase Agreement..... 7.74% -- 0.89% -- -- --
Cash Equivalents......... -- 9.16% 9.28% 5.34% 2.87% 4.71%
--------- -------- ---------- -------- --------- ---------
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
</TABLE>
Portfolio breakdowns are stated as a percentage of total portfolio value.
88
<PAGE>
Investment Advisors:
STI Capital Management, N.A.
Trusco Capital Management, Inc.
SunTrust Bank, Chattanooga, N.A.
SunTrust Bank, Atlanta
STI Classic Funds are not deposits, are not
insured or guaranteed by the FDIC or any
other government agency, and are not en-
dorsed by and do not constitute obligations of
SunTrust Banks, Inc. or any other of its
affiliates. Investment in the Funds involves risk,
including the possible loss of principal. There
is no guarantee that any STI Classic Fund
will achieve its investment objective. The STI
Classic Funds are advised by affiliates of Sun-
Trust Banks, Inc.
Distributor
SEI Financial Services Company
This information must be preceded or
accompanied by a current prospectus for each
Fund described.
SEMI-ANNUAL
FINANCIAL REPORT
STI CLASSIC FUNDS
[LOGO]
A FAMILY OF MUTUAL FUNDS
NOVEMBER 30, 1995
[LOGO]
|
|